Bootle, L30 - repossession - 2 bed mid tce

White & Co Property Solutions Ltd

Date Year
14/06 2008

Liverpool, Bootle L30, 2 bed mid terrace - urgent repossession - 19% BMV to you

Not valued yet
Vendor agreed to drop sale price if the valuation lower than expected
discount therefore remains the same to you

The vendor is going to be evicted on Tuesday and called me at the last minute. We are halting the eviction on Monday and exchanging contracts in my name, and I will have the right of assignability to the new buyer.

The property is in really good nick internally. The vendor does not wish to rent back. The property will let easily due to popular location.

Ref 095

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Kind Regards
Arlo

The Numbers

by Article Author		Basic Figures Market Value: Ł 95,000 Your Price: Ł 76,950 (including FF) Below Market Value By: 19% Rentals : Ł 525 - 550pcm. HB changes mean this is easily achievable - Check HERE ** There are other ways of funding the deals to 85% LTV of valuation figure, leaving you with 3.5% towards your professional fees. * Total BMV to you after Finder's Fee: 19%. You will need to pay survey fees and a deal reservation fee upfront (below), and following successful survey you will need to pay search fees. You will get Ł3,800 cashback (Ł95,000 x 0.85, minus your PP Ł76,950) which will help towards fees. Upfront Costs Deal Fee (to secure the deal) Ł 500 (subtracted from FF) Survey Ł 350 Search Fees (solicitor) Ł 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 Ł500) Finders Fee (any remaining, see above, varies) - minus the Deal Fee which has already been paid to secure the deal Purchase Solicitor (typically Ł450+, plus VAT and disbursements) Vendor's Solicitor (normally a flat Ł500) On a typical Ł100,000 property, all the fees, should come to around Ł2,000 - Ł2,500 (excluding the Finder's Fee). NB - if you use one of our recommended 'no money down' purchase methods (allowing you to base your mortgage on the market value and not on the purchase price) - then you should typically factor in aroun Ł1,500 - Ł2,000 extra to faciliatet this (although you would not then require bridging fees or extra legal fees on a remortgage after completion). 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 Photos of the property can be viewed by clicking HERE. Approx location map HERE This property is an ex-council 2 bed mid terrace. It has modern GCH and UPVC double glazing. It has been rewired and reroofed and would require very little if any work before relet. The property benefits from wooden floors throught, nice back garden, and attractive modern kitchen and bathroom. The street appears to be mainly owner occupied. The property has been on the market previously for Ł115,000 and then Ł110,000. A similar nearby two bed property is currently on the market for 110k (click HERE). There are other similar comps. I believe both are overvalued and it would be more like 95k - 100k in the current market, which explains my conservative valuation of Ł95,000. Bootle has a high demand for property due to lack of new housing being built for many years, and any property I have attempted to let in this area have received a lot of enquires. You could get around Ł550 pcm rent for this property by getting a single mother with two young children. The LHA rates would be based on a three bedroom entitlement which amounts to Ł525pcm. You could then require the tenant to make the top-up of Ł25 pcm, which is a standard top up amount. Two a working couple for example, you could charge Ł525pcm comfortably WHY BELOW MARKET VALUE? The vendor is being repossessed. Judging by the size of the TV and the new leather sofa, the vendor had other priorities than paying the mortgage (and they haven't done so for 12 months!). She waited until 5 days before the eviction date (including the weekend)

Finally

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