Bodelwyddan, North Wales - vendor relocation - 3-bed semi

White & Co Property Solutions Ltd

Date Year
29/12 2007

Bodelwyddan, North Wales - 3 bed semi-detached property, pwithin 10 mins walk of N.Wales largest hospital

ALREADY VALUED

SEARCHES STARTED

URGENT DEAL - FIRST-COME FIRST-SERVED

Ref 054

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Arlo

The Numbers

by Article Author		Basic Figures Market Value: Ł 120,000 Purchase Price: Ł 96,000 Below Market Value By: 20% Rentals : Ł 750* pcm multilet / 575pm single let Finder's Fee: Ł 3,600 (BUT see below) Cashback at 90% / 85% LTV Ł 12,000 / Ł 6,000 Equity * Ł 18,000 or more due to under valuation Upfront Costs Deal Fee: Ł none - finder's fee due now as already valued - see below (**) Survey: Ł 299 (compensate me for this, and you may need to pay for a retype although they are sometimes free) After Successful Valuation Finders Fee: Ł 1,800 half-payment or Ł 3,000 full-payment (see below) Search Fees (solicitor) Ł 300** There may be other fees depending upon finance arrangements Upon Completion Broker (typically 1%) Bridging Finance (if applicable, varies) Any remaining Finders Fee (see above, varies) Purchase Solicitor (typically Ł900 - Ł1,100 inc VAT + disbursements) Vendor's Solicitor (normally a flat Ł500) Notes All mortgages are subject to survey and the purchasers own financial standing. Figures given are for illustrative purposes only. * This is usually given as a conservative minimum, or if the property is already tenanted, what is currently being paid by the tenant. Cashback is a raw figure, not taking into account all the various deductions that are taken out upon completion - such as mortgage setup fees, broker/bridging/solicitors/finders fees, stamp duty where applicable, etc. If the number is given in blue, this mean the deal requires CASH IN at this LTV figure (plus associated costs as mentioned). Cashback is possible due to the unique methods of purchase we will teach you (we can get you a mortgage based on the open market value, and not the purchase price) * Please read above note. The figure assumes a standard 85% LTV mortgage and does not account for fees and charges added to the loan amount, which reduces the equity proportionately. **** I am willing to take Ł3,000 in one payment now, rather than Ł1,800 x2 payments (once upon valuation (i.e., now!) and once upon completion). In other words if you pay all now, then you will have a full 17.5% in the deal to you, after finders fees have been paid. This is a very generous deal, now urgent, considering it has already been valued and fully agreed. Please let me know ASAP. FINALLY - please remember we can provide you with a 'deal stacker' template (MS Excel - if you do not have Microsoft Office please contact me for an alternative). This spreadsheet will give you a much more comprehensive financial analysis, which also allows you to play with the variables involved, and allows you to compare and contrast different mortgage products.

The Details

		AREA / PROPERTY DESCRIPTION Bodelwyddan is just within the Welsh border and about 45 minutes from Chester. It is known for its castle and for its retired community and holiday homes, however it is most identified with Glan Clwyd Hospital - the largest in North Wales. The community itself is quite small and completely disproportionate to the size of the hospital which dominates the town life. It has a high turnover of nursing and doctor staff from foreign countries. They all need accommodation and due to the fact they may be new to the country or do not plan to stay longterm, rented accommodation is in much demand. There is a market for multi-lets to nurses as well as houses in good order let to doctors and their families. Many of these cannot get accommodation nearby and so commute from nearby larger towns such as Abergele, Prestatyn, Rhuddlan, Rhyl and St.Asaph (see google map here). Because of the distance involved, and the shiftwork hours that the hospital staff do, this can be very incovenient - and costly - due to lack of public transport and the reliance on lifts from friends or colleagues or use of taxis. The local hospital accommodation block is also overrun and if you are looking to rent this as a houseshare, this property could provide a strong ROI with a good class of tenant. Local accommodation link here. I have spoken to a number of letting agents and they all spoke very positively about letting out properties nearby to the hospital. The property itself is fairly dated inside, but is valued as such. The new buyer could easily do a cosmetic refurbishment and see force capital appreciation that way, remortgaging out the costs and more within (at most) 6 months, depending upon mortage product. The property is fully serviceable as is, however, and has economy 7 heating throughout and full double glazing. It has an attractive modern kitchen diner leading into a conservatory and a large back garden. There is also an external brick store with two rooms. WHY BELOW MARKET VALUE? The vendor is now desperate to sell as her husband died during the year and she wants to move from the marital home and move closer to her sons in Llandudno. I believe she has undisclosed financial problems also. WHAT OTHER INFO IS AVAILABLE? Photos, full - can be sent by email Deal Stacker

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