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Date Year
25/03 2008
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Liverpool L13, 6 bed mid terrace - vendor bought another house, aborted sale, paying two mortgages - 18.1% BMV to you
- Valued
- Searches started
- 6+ bed mid terrace
- Area of high rental demand, one of the few houses not converted into apartments on this street - rare buy with fantastic development potential
- Undervalued - had been valued variously at 15k to 30k higher, within the last 6 months - typically downvalued as most properties seem to be at the moment...
as bought another house, and was left paying two mortgages when her buyer failed pulled out at the last moment (finance issues - a builder who ran over budget on another development).
This huge property has the potential to earn great income as a HMO or could be converted into 3+ large apartments, as have most neighbouring properties of similar size. Apartments on the market for 130k+, from comparable converted houses.
Ref 064
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Please see the last section of this email for links to further information about this deal, and general terms and conditions.
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Kind Regards
Arlo
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The Numbers
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by Article Author
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Basic Figures
Market Value:
£ 210,000 (actually £215,000 with a
5k retention for minimal
work - already RICS valued)
Your Price:
£ 172,000 (including FF)
Below Market Value
By:
18.1% based on the £210,000 val
Rentals
*:
£ 1,820 pcm (multilet rental
valuation - £750pcm single let)
*****
This is a very rare example of a packaged deal which fits the new Mortgage Express instant remortgage criteria! And you even get a 6k+ cashback for fees...
*****
Total BMV to you after Finder's Fee: 18.1%.
That's up to £6,500 ish cashback to help with fees (based on £210,00 valuation - some minor works needed to release the further 5k retention).
Upfront Costs
- Deal Fee (to secure the deal) £ 1,000 (subtracted from FF)
- Survey
£ 350
- Search Fees
(solicitor)
£ 300
1 and 2 payable directly to me via PayPal or bank transfer within 24 hours of your acceptance to take on the deal. 3 is payable to the solicitor, unless otherwise stated above.
Finder's Fee
- 'Your Purchase Price' - see above - is calculated by adding the actual Agreed Price (AP - agreed with the vendor) to the Finder's Fee (FF) payable.
- Both the AP and FF are private and will be revealed only to the investor chosen to proceed with this deal.
- The FF is payable upon completion and comes from your remortgage finance.
Upon Completion
- Broker (variable)
- Bridging Finance (if applicable, varies, normally a flat £500)
- Finders Fee (any remaining, see above, varies) - minus the Deal Fee which has already been paid to secure the deal
- Purchase Solicitor (typically £450+, plus VAT and disbursements)
- Vendor's Solicitor (normally a flat £500)
On a typical £100,000 property, all the fees, should come to around £2,000 - £2,500 (excluding the Finder's Fee).
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.
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The Details
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 AREA / PROPERTY DESCRIPTION
This property is situated L13 Old Swan. This area is very popular and has remained so throughout the last 12 months while the property market remained stagnant throughout Liverpool. This is partly because it has very good access to motorways and ample local amenities including three shopping centres, F&HE colleges, etc.
Click here for a location map.
Click here for wikipedia entry.
The property is roughly 100 years old, 3 storeys, mid terrace.
- 1st - 3 reception room and a kitchen
- 2nd - 3 bedrooms, large family bathroom
- 3rd - 3 bedrooms, room for another bedroom and WC (see below)
- Very large back garden with outbuilding, rear alleyway access, develpment and subletting potential as builder's yard
- Neighbouring converted properties have extended on three levels setting a precedent
In other words there are almost too many development opportunities! I was seriously considering this one myself but currently have too many properties going through, 2 bad tenants and 4 empty properties!
My initial thoughts were if you didn't have the funds to immediately convert into apartments, would be to do up the property to HMO standards and it would be (very) cashflow positive, until such time as a full conversion was possible. The top floor has a large area bricked up, which could be another large double bedroom (!) and there would be room without extention to fit another WC somewhere. The family WC is very large and could be split allowing another bedroom. Finally, three downstairs receptions... up to 9 lettable bedrooms are possible.
Retention of 5k relates to fixing rear gable roof coverings, some roof repairs, and defective boiler. Some evidence of minor damp, understanble with size, age and the fact two elderly people live here who admitted they conserved heating by turning off radiators to unused rooms.
WHY BELOW MARKET
VALUE?
As explained in the introduction. Basically, they want to move to new property and are currently paying for the upkeep of two properties. The financial strain has caused them to answer my advertising
This should prove popular so please note your interest ASAP. Due to vendors circumstances, she wants 3-4 week turnaround, so no timewasters please! :-)
WHAT OTHER INFO IS AVAILABLE?
- Photos, full - can be sent by email
- Deal Stacker
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Finally
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Past and Current Deal Archive:
Archive
Disclaimer:No part of
this email constitutes or forms part of a contract. White & Co is not
a licensed estate agency or licensed investment advisor. White & Co
is not authorised by the Financial Sevices Authority to give investment or
financial advice.
Terms & Conditions:
By replying to this email, or emailing back with the deal / lead reference number, you acknowledge and agree to the terms and conditions should you be chosen to purchase this lead and you then agree to proceed. Please note 'stating an interest' or requesting further information does not commit you to anything.
Terms and Conditions Page
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Contact Information
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