Wallasey, Wirral CH44 - 2 bed apartment

White & Co Property Solutions Ltd

Date Year
25/10 2008

Wallasey, Wirral CH44 - death in the family - 25% BMV to you

2 bed 1st floor apartment, in a Victorian 2 storey end terrace

Needs a minor refurb before letting - around 3k. Very lettable area.

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

I think this property will let around Ł425 - Ł450pcm to a working person. If let to a benefit claimant, you could get Ł495pcm as this is the 2-bed Local Housing Allowance (LHA) rate in Wallasey.

ref 121

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Purchase cost funding - for a completely NMD purchasing method - you can borrow the entire pre-completion costs of the deal (brokers, reservation fee, survey and searches) - see next section. This service is only offered to experienced investors, or those who have bought property through us before, at our discretion.
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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

The Numbers

by Article Author		Basic Figures Market Value: Ł 90,000 Your Price: Ł 67,500 (including FF) Below Market Value By: 25% Rentals: Ł425 - Ł495 - see introduction Mortgage Examples Please note that Buy To Let mortgages are now limited to 75% Loan to value. This means that you need to find purchase costs of up to Ł3,750, if the deal is 25% BMV. There are however several ideas to consider, so please go to CLICK HERE For ideas on financing deals. 75% LTV - Example rate TMW at 5.99% Mortgage Payment (pcm) Ł337-00 Gross cashflow (pcm) Ł158-00 max to Ł88-00 min Day one equity (25%) Ł22,500 Upfront Costs Reservation Deposit (to secure the deal) Ł 500 - This is fully refunded upon successful completion of the deal. This may be waived if you have previously purchased property through us and is charged to new investors only, to ensure we do not attract 'time-wasters' who may end up causing harm to our vendors. Broker fee Ł 395 Survey Ł 300 ish Search Fees (solicitor) Ł 250 TOTAL - depending on (1) above, you could pay between Ł950 - Ł1,450 during the purchase process. You may borrow the upfront costs from us - you will be charged Ł150 for this service, and the entire amount, including this fee, will be deducted from the completion amount. This is subject to terms and conditions - please contact me to discuss. Notes - 1, 2 and 3 above are only payable after you have had 24 hours to do you own due diligence and have decided to take on the deal, and you have had a successful 'decision in principle' from our brokers. 3 is an approximate figure and may change according to lender or property price range. 4 is payable to the solicitor, unless otherwise stated above, but only after successful valuation result. What is the 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 the completion funds if you choose to use our NMD finance scheme. Costs Upon Completion NMD finance - Ł1,500 Finders Fee - if you paid a reservation fee, you will be rebated this back along with the rest of the cashback. The FF is described above, and doesn't actually affect any of the figures given in this email. Legal fees - you agree to pay both purchaser and vendor legal fees which should come to around Ł1,200 total on a typical 100k house 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 - click HERE Location map HERE The area is popular for lettings. Many of the properties in the street have been convereted into apartments in this way. There are ample local amenities and the property has an attractive location near the park. The property is accessed through a small communal front hall, with a locked door providing access up the stairs to the apartment itself. The property needs some cosmetic work before letting, and could ideally do with a new kitchen to make it more attractive (although the current kitchen is serviceable). The property does need a new bathroom however. All in all, about 3k should be adequate due to the size of the flat. Of course, this will add value to the property and make it easier to let. There are no service charges. To maximise the yield you could get LHA claimant to rent the property, you could then charge a rent of Ł495pcm. At this rent the property provides a decent monthly cashflow. WHY BELOW MARKET VALUE? Death forces family members to sell property, now just want rid of it. If it doesn't value as we expect, the family agreed to drop the price accordingly. Please state interest by email.

Finally

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