Large double building plot

£600,000 Guide Price

Floorplan

A large double building plot with full planning permission for the erection of two three bedroom detached bungalows, situated in a country position at the end of a small cul-de-sac in the parish of Ardleigh. The whole site measures just under one acre with the bungalows measuring approximately 1500 square feet, both will have single detached garages. There is also the possibility of purchasing a third plot that is adjacent to the site. Development rights have been granted under class Q and a further application for full planning consent is about to be submitted.

Property additional info

PLANNING:
Permission has been granted by Tendring District Council on 3rd May 2022 under application number 22/00365/FUL.. A copy of the approval notice can be viewed on the Tendring District Council website.

LOCATION:
The plots are located in a country position at the end of a small cul-de-sac turning off Harts Lane, Ardleigh. The A12 and A120 are within easy access and ColchesterTown Centre, just over three miles away. Both plots have country views and if split equally will be just under half an acre each.

PLANNING CONDITIONS:
The planning is subject to certain conditions which are detailed in the Approval Notice. There will be a RAMS payment payable of 137.71 per dwelling.

WAYLEAVES, EASEMENTS AND RIGHTS OF WAY:
The property is sold subject to the and with the benefit of all rights, including rights of way whether public or private, light, support, drainage, water and electricity supplies, and other rights and obligations, easements and quasi easements, and all existing wayleaves, pylons, stays, cables, drains, water, gas and other pipes, whether referred to in these particulars or not. The purchaser shall be deemed to have full knowledge of the boundaries and of the ownership thereof.

Viewing:
To view the site, please contact the office on 01206 842156 to arrange an appointment.

Agents Note:
As previously mentioned there is also the possibility of purchasing a third plot that is adjacent to the site. Development rights have been granted under class Q and a further application for full planning consent is about to be submitted.

Nearest Stations:

3.71 miles
Colchester
3.73 miles
Hythe
3.83 miles
Manningtree
4.12 miles
Colchester Town
5.29 miles
Mistley

Map location is not available for this property.

Mortgage Calculator

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 )

Return on Investment

£
£
£
£

Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.

Mortgage Required

£ 497700

Mortgage Loan to Value

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Gross Yield

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Annual ROI

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Annual Rental Profit

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Cumulative Rental Profit

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Cost of Purchase

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  • Stamp Duty
    £

    Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.

  • Refurbishment Budget
    £ 15000
  • Survey Costs
    £ 400
  • Mortgage Fees
    £ 1,000

    Your home may be repossessed if you do not keep up repayments on your mortgage.

  • Legal Fees
    £ 1,300

Adjust these figures

£

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.

Annual Costs

£ 47700
  • Mortgage Interest
    £

    The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.

  • Letting and Management Costs (Inc VAT)
    £
  • Letting Fee
    £
  • Maintenance
    £
  • Insurance
    £ 500
  • Ground Rent
    £ 0
  • Service Charge
    £ 0

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£
  %

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.

Total Profit

£
  • Final Equity Profit
    £

    Final Equity Profit = Final Property Value - Mortgage Required - Investment

  • Cumulative Rental Profit
    £

    Cumulative Rental Profit = Annual rental profit x Time of Investment

Adjust these figures

  %

This is the assumed rate of house price inflation.

Final Property Value

£

This is the property value at the end of the investment based on an assumed rate of % house price inflation.

Notes

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