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Date Year
14/06 2008
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Liverpool, Kensington L6, 3
bed mid terrace - probate sale, needs work - 20% 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 property is in probate,
executor is nephew of elderly vendopr who died.
Property has to be sold quickly and proceeds split five ways. The property needs some work; a two-step
refurb mortgage would be best when the development budget could be drawn back
out.
Ref 093
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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:
£ 75,000
Your Price:
£ 60,000 (including FF)
Below Market Value
By:
20%
Rentals
*:
£ 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 5% towards your professional fees.
*****
Total BMV to you after Finder's Fee: 20%.
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 £3,750 cashback (£75,000 x 0.85, minus your PP £60,000) which will
help towards fees.
Upfront Costs
- Deal Fee (to secure the deal) £ 500 (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).
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 £1,500 - £2,000 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.
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The Details
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AREA / PROPERTY DESCRIPTION
This property is a
Victorian 3 bed mid terrace in Kensington.
It is a popular area, very close to the city centre and Anfield and Tuebrook. Kensington is a regeneration area and there
is a lot of change going on in this area. Rental property is in high demand. There would be a further opportunity to
multi-let this house as the area has the highest concentration of Eastern
Europeans (among other immigrant groups) in Liverpool.
Location map HERE.
Photos HERE.
The property is in need of
modernisation. It has partial double
glazing to the front of the house only.
It needs a new kitchen, modern bathroom, central heating, and
redecorated throughout.
There are directly
comparable properties in this and nearby streets on the market from £98,000 to
£85,000, yet these properties are not fully modernised (just in a better state
than this). After a full refurb and
modernisation I would expect this property to be worth around very
conservatively £90,000 (accounting for surveyors downvaluing at present), and
it would let very easily.
Various finance plan
include:
- Purchase on a 90% let-to-buy, to get money
towards the works
- Buy on a two-step refurbishment mortgage - 85% of
purchase cost, then 80% (maybe 85%) of final market value would be
released once works completed.
Figures would be approved and known in advance following first survey.
- Buy on a closed bridge/cash, then refinance to
85% of final value
We can faciliate the work
with our trusted tradesmen. We could
arrange for full quotes and agree price in advance.
WHY
BELOW MARKET VALUE?
The relatives simply want
to cash in now rather than the hassle of hanging on to the house or trying to
manage a refurb themselves. None of them
live in Liverpool, the nearest lives in Stockport.
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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