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£1,150,000
Bedrooms
Bathrooms
A BLANK CANVAS. PERFECT PROPERTY TO PUT YOUR OWN STAMP ON.
This is a rare opportunity to acquire a share of freehold 2610sqft house (currently commercial and residential) set in a private gated mews with secure parking, access to a patio (not demised) and direct access to Bermondsey Street. The property is part of a former early 19th century warehouse offering generous and flexible accommodation arranged over four floors.
(Please note, this property has a pending planning permission to be changed into three residential units from what is now two offices and one residential unit and for the property to be one residential unit planning will be needed and other units like this in the development have been granted residential use)
The property comprises briefly a self-contained two-bedroom flat on the top floor and on the other three floors open spaces formerly used as office spaces which leave plenty of room for new owners imagination in creating a spectacular unit/s in one of the most unique spaces in the area. The house has great character with floor to ceiling full height windows, double height ceilings, huge open spaces, and a mezzanine level. Currently the house could be used (STP) as a three to four bedrooms with three or four reception rooms, currently two kitchens and three bathrooms. And of course also could potentially be converted into three residential units (STP).
Bermondsey Street has become one of the most desirable locations in London, and has a varied and interesting mixture of boutiques, art galleries, pubs, bars, coffee shops and restaurants. Borough and Maltby Street markets are also of particular note, and there are excellent transport facilities from London bridge with connections to the west end, Canary Wharf and The City.
The property is being sold with no onward chain, approximately 975-year lease remaining and service charges approximately 5,700.
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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