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Deal Overview
The property is a 3 bed mid terrace, 1970s, ex council, standard construction. It is in the Halewood district in south Liverpool.
Some redecoration needed, but otherwise good condition, would let quickly for around £525pcm.
Vendor is selling her mother house, as mother just gone into care home. She has power of attorney to do this. As her mother has no hope fo coming out of the care home, and her daughter lives away, they have concerns over the house. 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 a little work. Gas heating 10 years (but boiler checked yearly and was last replaced 6-7 years ago). Double glazing is hardwood and was fitted around 15 years ago, is well maintained.
Gardens front and rear. Parking on the street, but ample spots available.
The kitchen is a little dated but perfectly adequate for rental, with an integrated oven and hob. You might plan to replace it within the next 3-5 years, but this can be done relatively inexpensively and will add value in the longterm. The bathroom is 5 years old, fully tiled with a separate WC. The living room is large as is normal with this age and style of house.
Upstairs three decent bedrooms and the bathroom and WC.
The property would redecoration throughout. Due to the the elderly woman who lived here, the decor is a bit too fussy, although its in fine condition. Most of the flooring is in good condition. Depending on how far you would want to go with the cosmetics, you could expect to pay £500 - £2,000. We can source quickly and cheaply, and manage the work for you. We can get quotes before completion, and work would be done within the first fortnight.
We would expect it to achieve around £495 - £525 pcm rent.
Photos
Click Here
Area
Situated off Higher Rd in Halewood in one of the streets near HERE.
The area is mainly owner occupied. Most of the properties that were ex council have long since been bought up under the right to buy. This area is quite nice, very near to major roads, Speke retail park, and is considered a desirable postcode (ask any estate agent).
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 £475pcm. With a little cosmetic improvement the property should rent very quickly. We have had two in this area which rented before completion (ie we advertisied and vertted a teannt successfully before the sale completed).
We can manage the property upon completion.
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