White & Co Property Solutions Ltd
Date     Year
03/02    2008
 		Childwall, Liverpool L25 - probate sale - 18.4% BMV

Vendors are children of deceased homeowner - they wish to sell quickly to release funds and avoid family arguments over the issue of the sale of the house.

Ref 059
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Arlo
The Numbers
by Article Author Property Investment Image





Basic Figures
Market Value:                                          £ 125,000
Purchase Price:                                       £ 102,000
Below Market Value By:                           18.4%
Rentals *:                                                    £ 525 pcm single let
Finder's Fee:                                              £ 3,000 (or discount, see below)
            
Total BMV to you after Finder's Fee: 16% to 16.2%.  That's about £1,500 cashback to help with fees.

Please note that 90% LTV mortgages may also be possible - leaving you with a much larger cashback net of all fees.
                 
Upfront Costs                          
Deal Fee:                                                      £ 100 (subtracted from FF)
Survey:                                                         £ 299
Search Fees (solicitor)                           £ 300

Finder's Fee
This is £3,000 - if paid upon completion.  If you pay in full upon valuation - the discounted price is £2,750.

Upon Completion
Broker (variable)
Bridging Finance (if applicable, varies)
Any remaining Finders Fee (see above, varies)
Purchase Solicitor (typically £450+, plus VAT and disbursements)
Vendor's Solicitor (normally a flat £500)

On a typical £100,000 property, the fees, not including finder's fee, should come to around £2,500.

Notes
All mortgages are subject to survey and the purchasers own financial standing.  Figures given are for illustrative purposes only.

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

Terraced House ImageAREA / PROPERTY DESCRIPTION


This property is situated in a regeneration area in the east of the city.  It is situated in Lower Farm Rd, off the childwall Valley Road, in the Childwall/Gateacre area (here).

A lot of the neighbouring properties have been knocked down due to these regeneration plans.  Basically, they have removed or made vacant (pending demolition) all flat and maisonettes in the area.  They are being replaced by mixed private and social family houses and elderly bungalows.

The property was originally marketed at a price of just under 135K, but dropped several times since due to the family members wanting to claim their inheritance.  I believe the dated interior, and nearby demolished or vacant buildings, have put off would-be buyers, which is why they have accepted the low offer.

Internally, the property could benefit from some minor modernising and cosmetic improvement.  Its fine to let as is however, and in fact one of the family members' sons is living in it at present.


WHY BELOW MARKET VALUE?

The vendors have been arguing about this property as some would like to sell quickly for cash now, rather than wait and hope to (maybe) achieve more later in the year.

Basically, the arguments have exhausted everyone and i think they all want shot of the property to avoid further family rifts.

WHAT OTHER INFO IS AVAILABLE?
  1. Photos, full - can be sent by email
  2. Deal Stacker




Finally


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