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Deal Overview
The property is a 3 bed end terrace, postwar. It is in St Helens, in the Clock Face district just south of the city centre.
No work needed, immaculate condition, would let quickly for around £525pcm.
Vendor is relocating
to be close to his sick mother whom he needs to care for, and is having
great difficulties doing this from a distance due to the cost and
travel time maintaining his home in St Helens. Hence they agreed a BMV
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The Figures
Basic Figures:
Current Value £100,000
Your Price £75,000
Discount 25%
Cashback £0 - if taking a 75% LTV mortgage
Rentals £495 - £525 pcm
Mortgage Examples:
The best deals are with BM Solutions, varying from 5.09% upwards. For up to date rates, click HERE.
At 5.19%, this would be £318pcm mortgage, £495pcm minimum rent, leaving £177pcm cashflow positive before management and insurance (will still cashflow £100pcm or so after costs).
Deal Costs
Before completion, you will need to outlay around £1,500 approximately. This covers mortgage valuation fee (around £350), mortgage broker fees (£395), legal search fees your solicitor organises on your behalf, and the deal reservation fee (£500).
After completion, you pay both solicitors fees and the no money down finance scheme fees (if needed), totalling a further another £2,500 - £3,000. The NMD finance scheme fees are £1,500 of this, the remainder being the legals.
For full details on typical costs, the ready made deal process, and terms and conditions, click the links in the sidebar to the left. |
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Property Description
Property
The property requires no work. Gas heating 14 years (but checked and maintained under contract every year). Double glazing fitted '08.
Gardens front, side and rear. Attractive modern '08 conservatory.
Modern kitchen with fitted gas/hob. Large knocked through lounge with
wooden floors and attaractive modern gas fire.
Upstairs three decent bedrooms, may need some minor redecoration but would easily let in current condition.
We would expect it to achieve around £495 - £525 pcm rent.
Photos
Click Here
Area
Situated off Garstons Lane in the Clock Face district of St Helens. It is conveniently located to the M62 (about 3 mins drive away), and has ample nearby local facilities. There is a shopping centre within 10 minutes walk. There are nearby bus links to St Helens town centre (about 5-10 mins away by drive).
The area is mixed owner occupied and council tenants. This street seems to be mainly owner occupied and quite quiet. From local letting agent advice, we would have no problem letting this property very quickly.
Lettings
You could command around £495 - £525 pcm for this property. The local housing allowance 3-bed rate is £500pcm, while the 2-bed rate is a still good at £450pcm. Due to the attractiveness of the property you would have no problem finding a tenant willing to pay a small top-up on the rent if you want higher than their allowance. I think you should be able to get a working family for this property but if not there is a high demand locally from single mothers.
We have a local lettings agency we work with in St Helens would would manage for you.
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