Aigburth / Otterspool, Liverpool L17 - 4 bed mid terrace

White & Co Property Solutions Ltd

Date Year
04/02 2008

Aigburth / Otterspool, Liverpool L17 - conversion potential - 21% BMV

Already valued
Searches started
Conversion potential
Great location
Generous BMV after fees

The vendor is an elderly gentleman, who lives elsewhere, the house is vacant and mortgage free. He is looking to sell quickly to help his daughter afford to get on the property ladder; she has agreed on her dream house and they are willing to make a price concession to ensure they don't miss out.

Ref 061

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Kind Regards
Arlo

The Numbers

by Article Author		Basic Figures Market Value: Ł 138,500 Purchase Price: Ł 175,000 Below Market Value By: 21% Rentals : Ł being renegotiated with surveyor* Finder's Fee: Ł 6,000 (or discount, see below) Total BMV to you after Finder's Fee: 17% to 17.4%. That's up to Ł4,250 cashback to help with fees (this could be completely no money down to you). As you can see this is one of our most generous deals yet - and its already valued and searches underway. Please note this could be purchased by methods other than bridge and instant remortgae, at up to 90% LTV. Upfront Costs Deal Fee: Ł 500 (subtracted from FF) Survey: Ł 299 Search Fees (solicitor) Ł 300 (i've paid for these; you can pay the solicitor who will reimburse me) Finder's Fee This is Ł6,750 - if paid upon completion (17% BMV to you). If you pay in full upon valuation - the discounted price is Ł6,000 (17.4% to you and probably a no money down deal). Upon Completion Broker (variable) Bridging Finance (if applicable, varies) Any remaining Finders Fee (see above, varies) Purchase Solicitor (typically Ł450+, plus VAT and disbursements) Vendor's Solicitor (normally a flat Ł500) On a typical Ł100,000 property, the fees, not including finder's fee, should come to around Ł2,500. 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

		AREA / PROPERTY DESCRIPTION This property is situated off Jericho Lane, which runs off the Aigburth Road (A561). This is within easy access of nearby parks (Otterspool Park and Sefton Park), and on the main southern approach to the city centre. See here for location map. It is also served by local train. The Aigburth / Otterspool area is quite exclusive, with lots of local amenities and great local restaurants and wine bars. The property itself is a large mid terrace, with ample potential for conversion into two flats, as has been done in the same street with a neighbouring property. This is certainly not the only plan, or necessarily the best plan; it could also be let as a shared house or family let. There is plenty of rental demand and the great location should prove a winner. The property is in good repair and wouldn't need much work to get up to a standard for letting. There is a medium sized front driveway and small garden, and a decent sized paved rear yard with conservatory and a garden shed converted into a mini bar. At the front there are two doorways; one used to be an enclosed alleyway into the back yard, but the space has been reclaimed to create a much larger kitchen. This additional doorway would be the ideal place to run up a flight of stairs from, if the new owner planned to convert into two flats. We are currently negotiating with the surveyor regarding the rents, to allow the potential purchaser the most scope with financing options. However, this can easily be purchase on up to 90% LTV on an assignable contract (or other method) based on self-certifying your income. WHY BELOW MARKET VALUE? The vendor, as explained, is helping is daughter get on the property ladder. He lives in a bungalow not too far away, and this used to be the family home. They do not want the hassle of letting it out again, due to his age and ill health, and have left it vacant and tried to sell on the open market. It wasn't on the market long, however, as the plans changed. The daughter has seen her 'dream' home, and as a family they talked about it and decided it would be best to seek a cash offer, to help her sell and pass on money now due to inheritance tax advice. They underestimated the actual value of the property, and so were happy to accept quite a discount. They do want to complete very quickly however, by the end of the month, and due to that I got the survey done ASAP and started the searches - so the new buyer will simply take over where I left off, reimbursing me for the expenses already outlayed. This is a great deal, considering its all tied up and numbers nailed down - and a very generous BMV. I will offer to one person - that person will be given photos etc - and given 24 hours to decide if its for them. If they turn it down, I will ofer to someone else. Please do get in touch ASAP though as I want to offer it to someone by Weds at 7pm. WHAT OTHER INFO IS AVAILABLE? Photos, full - can be sent by email Deal Stacker

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