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Deal Overview
The property is a 2 bed mid terrace, 1960s, ex council, standard construction. It is in the Walton district of North Liverpool.
No works needed, already tenanted, for £455pcm.
Vendor is landlord struggling with business debts and hence they agreed a BMV
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The Figures
Basic Figures:
Current Value £80,000
Your Price £60,000
Discount 25%
Cashback £0 - if taking a 75% LTV mortgage
Rentals £450 - £475 pcm
Mortgage Examples:
The best deals are with BM Solutions, varying from 5.09% upwards. For up to date rates, click HERE.
If you can afford to put 5% in, then the rates at 70% LTV are much more favourable - particularly TMW.
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.
NB - if you are a Premium Member, all costs come from your reservation fee.
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Property Description
Property
The property is a 2 bed mid terrace, ex council, around 60 years
old.
The property was being finished to a nice standard
when first viewed (when pics were taken), and the tenant was yet to move
in. The landlord later got back to us to
accept the offer. As can be seen from
photos, kitchen and bathroom are modern, new and bright, new boiler, and
neutral decoration throughout. Plain
lawned garden, on street parking,
The property is tenanted and being sold by a landlord
who has debts to clear with the sale of this property The tenant is paying £455pcm, single female
who is working (£105 per week). It should let for around £450 - £475pcm in the future. You could increase teh rent in 4 months when the tenancy is due for renewal. 2-bed
LHA rate is £475pcm. She is 7 weeks into
a 6 month AST and there have been no problems with her to date.
Photos
Click Here
Area
A rough location map can be viewed
here - click here. Postcode L9 6 (full address to
purchasing investor) just off Walton Hall Avenue.
Liverpool
has just finished a very successful year as the European Capital of Culture
2008. The benefits of this, coupled with
several years of inward investment and regeneration, have seen the city and
indeed the whole region transform.
There
are several large wards throughout Liverpool designated as regeneration zones,
with many billions being pumped into the region. Much of the regeneration plans are in their
early stages, yet the city centre has transformed and is now one of the most
attractive city centres in the country.
The world-famous skyline remains a massive attraction and with the
Liverpool docks reopened, it is fast developing as a major cruise-liner
destination, bringing in tourists from all over the country and abroad. The entire city centre has been reborn, with
the Albert Docks a major focal point, alongside new additions such as the world
class Echo Arena (hosted the MTV Awards last year), and the Liverpool One
shoppping complex (the largest city centre shopping centre in the UK).
Liverpools
heritage is second only to London, since it used to be the 'second city of the
British Empire', and it has a rich maritime history. The legacy of this can be seen everywhere, as
the city has the largest Georgian quarter, and also the highest number of
listed buildings (2,500), outside of London.
In fact, UNESCO has designated the entire city a world heritage site.
This
property is in the Walton are, just off Walton Hall Park. There are nearby amenities and there are good
trasnport links to the city centre and nearby shopping.
Lettings
You could command around £450 - £475 pcm for this property on the open market. The local housing allowance 2-bed rate is £475pcm..
We can manage the property upon completion.
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