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Date Year
06/04 2008
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Liverpool L12, 1 bed studio flat, popular residential location near Croxteth Country Park - 15% BMV to you
- Valued
- Searches started
- 1 bed studio flat
- Popular middle-class suburban area
This is a small ground floor studio flat but has the advantage of being in a great location.
The market value and rent level achievable still allow this deal to be done on a simple MX bridge and instant remortgage (getting rarer every day!).
This means to secure the property you would only need to find the professional fees.
Ref 065
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Greetings!
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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.
If you wish to register your interest, or request further information, please email back. This does not commit you to proceed with the purchase.
Kind Regards
Arlo
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The Numbers
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by Article Author
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Basic Figures
Market Value:
£ 72,500 (already RICS valued)
Your Price:
£ 61,625 (including FF)
Below Market Value
By:
15%
Rentals
*:
£ 425 pcm - 450pcm
*****
This is a very rare example of a packaged deal which fits the new Mortgage Express instant remortgage criteria!
*****
Total BMV to you after Finder's Fee: 15%.
You will need to reimburse for the survey, and cover both sets of legal fees. Other cost would include broker fees and bridging costs. You would need to budget somewhere around £2,000 to purchase this property.
Upfront Costs
- Deal Fee (to secure the deal) £ 500 (subtracted from FF)
- Survey
£ 300
- 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 L12 West Derby. The particular part of West Derby is off Fir Tree Road on the edge of Croxteth Country Park (see location map, click HERE).
It is a small ground floor studio flat. The main entrance leads into a lounge, with the bedroom straight ahead, an open plan kitchen area to the left, and just past the kitchen is the bathroom.
There is private offroad parking and a small rear garden. There is another apartment above which is let privately to a single woman. The rest of area is mainly newbuild estates from 25 years old or younger. Most properties in the area are large semis and detacheds, and the average price is well over £150,000. Consequently the area is mainly owner occupied, quiet and quite middle class.
There is a row of these properties; 4 buildings each split into two studio flats. Most are apparently privately let although the owner stated at least two others are also owner-occupied. The properties would suit a young couple or single professional.
The rent was assessed at £425 given that it is a studio, although it may be possible to ask for a bit more given the popularity of the area.
WHY BELOW MARKET
VALUE?
The current owner bought it when he was single. He and his new partner
have put down a deposit for the 'house of their dreams' and had
intended to rent out the studio flat.
However he had been badly financially advised and they are having difficulties with their mortgage
application. The only way to resolve it is to sell this property and
increase the deposit and complete on the new house - or lose all the
deposit already put down. Their lender refused to allow them to convert the studio flat residential mortgage into a 'let to buy'.
Please note your interest ASAP.
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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
Mobile: 07792 843389
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