This ready-to-let two-double-bedroom mid-terraced property provides an excellent investment opportunity for anyone looking for a gross return in excess of 10%. The property has been refurbished in recent years and provides well presented, gas centrally heated and fully double-glazed accommodation as detailed below.
Location
Frodsham Street is located just off Hedon Road with excellent commuting links to the Docks, Saltend Chemicals Park, BP, Hedon and Hull City Centre.
Accommodation
Sitting Room
With double glazed bay window, wall mounted modern electric fire with remote control, TV aerial point, radiator and laminate flooring.
Kitchen
Fitted with an arrangement of base and wall mounted cabinets comprising cupboards and drawers with complementing laminated work surfaces. Inset stainless steel sink unit. Inset four-ring ceramic hob with a built-in-under oven. Staircase leading off.
Rear Lobby
With uPVC door.
BathroomÂ
With a double-glazed window that faces the side. Appointed with a three-piece suite in white comprising panel bath with electric shower and screen over, pedestal wash hand basin and low flush WC. extractor fan and radiator.
First Floor
Landing
A small central landing area where doors lead off to the two bedrooms.
Bedroom One
With a double-glazed bay window that faces the front. Radiator.
Bedroom 2Â Â
With a double-glazed window that faces the rear. Radiator.
Outside
To the front of the property is a small forecourt area, from which pedestrian access is provided to the front door.
Rear Courtyard
The rear of the property is an enclosed courtyard area with a covered shelter.
Council Tax
Council Tax is payable to Hull City Council. The property is currently listed as being in council tax band A
Solicitor
Murray Hills Solicitors, 368 Holderness Road, Hull, East Yorkshire, HU9 3DL
01482 309222Â Â ann.fletcher@murrayhillssolicitors.co.uk
Viewing
Strictly by appointment with the auctioneers on 0845 400 9900
EPC rating: D(64)
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12.00 pm on Monday 20th May 2024 and closing on Wednesday 22nd May at 1.00pm. To register to bid and further legal information relating to this lot please go to auctionhouse.co.uk/hullandeastyorkshire.
Conditions of Sale
The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer’s offices, with the solicitors and online at auctionhouse.co.uk/hullandeastyorkshire, before the date of the auction.
Additional Fees
The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) subject to a minimum of 0.3% of the sale price including VAT and a buyer’s premium of £600 (£500 plus VAT) in addition to the purchase price of the property.
Guide Price
Guides are provided as an indication of each sellers minimum expectation. They are not necessarily figures which a property will sell for and may change at any time before the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction), which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Disbursements
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Online bidding
If you want to bid on this property, copy and paste the link below into your URL bar or into a Google search and it will take you to a video that explains the process: youtube.com/watch?v=ImXr4HXR36c
To register to bid please visit : auctionhouse.co.uk/hullandeastyorkshire
Tenure : Freehold
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 0 | ||
| £250k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 3 | ||
| £250k to £925k | 8 | ||
| £925k to £1.5m | 13 | ||
| rest over £1.5m | 15 |
| Tax Band | % | Taxable Sum | Tax |
| less than £425k | 0(5)** | ||
| £425k to £625k | 5 | ||
| £625k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
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