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£500,000
Bedrooms
Bathrooms
A great opportunity to purchase a block of five long-term LET apartments in a very convenient location towards the south side of the Town (FOUR x 1 bedroom and ONE x 2 bedroom). A rare opportunity to acquire a BLOCK of apartments and the FREEHOLD, with all 5 apartments being LET. Current income of 32,940 per annum (a 6.58% return at 500,000), therefore representing a perfect buy to let proposition. Please contact James Coles, Branch Manager for further information.
Energy Efficiency Ratings - Energy Efficiency Ratings, Certificate Numbers and Expiry Dates:
Apartment 1: D66 - Certificate Number: 9188-6036-6247-6090-9250 - Valid Until: 17 March 2030
Apartment 2: C71 - Certificate Number: 9388-8040-6277-6380-3200 - Valid Until: 17 March 2030
Apartment 3: E43 - Certificate Number: 8004-2366-0829-0526-4963 - Valid Until: 25 January 2026
Apartment 4: C74 - Certificate Number: 0350-2403-6220-2427-2421 - Valid Until: 26 February 2033
Apartment 5: D63 - Certificate Number: 3632-8327-4100-0639-4292 - Valid Until: 11 March 2032
N.B - All 5 apartments are let on assured, shorthold tenancy agreements. A 5 tenants in residence are well settled and have no desire to leave:
Apartment 1 - currently let at 515.00pcm. Been in residence for 7 years.
Apartment 2 - currently let at 515.00pcm. Been in residence for 15 years.
Apartment 3 - currently let at 625.00pcm.
Apartment 4 - currently let at 595.00pcm.
Apartment 5 - currently let at 495.00 pcm. Been in residence for 12.5 years.
Current rental income of 2,745.00pcm
Current rental income of 32,940.00 per annum
Further Information - Communal areas, accessed from a main front access on High Street South and a rear access off Albion Place also.
Communal corridors and access to all floors and all 5 apartments.
Externally, to the rear, there is a covered terrace area, garden area and drive, providing off-road parking facilities for a couple of vehicles. If the drive / garden area was reconfigured, parking for all 5 apartments could be created.
Out of respect for the tenants, no internal photographs are being used as part of our marketing.
Map location is not available for this property.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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