Are you an Estate Agent? Register here
Are you an Estate Agent? Register here
£165,000
Bedrooms
Bathrooms
No onward chain for this top floor flat is located in Banbury town center with allocated parking.
The property benefits from having share of freehold with 25% to each of the four owners in the building set up on a new lease of 999 years.
The apartment enjoys a top floor location and has an open plan kitchen / living area, bathroom having bath with shower over and two double bedrooms - both spacious with a very large master and a second double.
The apartment has lots of light coming in being top floor with high ceilings and an attractive outlook to pleasant views to both the front and rear.
There is allocated parking to the rear of the property and the apartment short is walking distance to both the town center and rail station.
The service charges are very low and maintenance costs are split between the four owners when needed.
Please see vendor note regarding the lease and maintenance:
The 4 flat owners are all directors of the freehold company so effectively own 25% of the freehold meaning it is just a formality and legal work to increase the lease length. Lease was granted in 1980 for 120 years. The owners are in the process of amending the lease to 999 years.
Common areas are shared as per the lease. The owners are jointly responsible for stairwell, roof, the 2 metal staircases and the front and rear pathways. the front and rear garden areas belong to lower ground and ground flats.
Buildings insurance is covered by the service charge.
Any work is paid from within sink fund and topped up shared as stated within the lease. There has never been an issue with anyone not paying their share.
The building is believe to have been built 1857.
No onward chain.
EPC rating: D. Tenure: Share of freehold,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.
The Property has been saved to your favorites
/ 5
It's quick and easy
