The flat is currently let on an assured shorthold tenancy to a long-term tenant who would prefer to remain and the vendor would prefer to sell to an investor. The current gross rent is £450 per calendar month (£5,400 p.a.) but this is increasing to £475 pcm (£5,700 pa) in August.
LOCATION
Fawcett Gardens is located off Wansford Road and lies within comfortable walking distance of the town centre, schools and public transport facilities.
THE ACCOMMODATION COMPRISES
COMMUNAL ENTRANCE HALL
Front entrance door with intercom system to each flat. The communal areas throughout the building are well maintained and regularly cleaned.
ENTRANCE HALL
With storage cupboard, airing cupboard, smoke detector, telephone entry phone and Dimplex electric storage heater.
KITCHEN
Fitted with a range of base, wall and drawer units having work top space over, tiled splash backs, sink with mixer tap, fitted electric oven with four ring hob and extractor hood over, space and plumbing for a washing machine.
SITTING ROOM
With TV aerial point and wall mounted Dimplex storage heater.
BEDROOM ONE
Fitted with a triple range of fitted wardrobes and Dimplex wall mounted electric convector heater.
BEDROOM TWO
Dimplex wall-mounted electric convector heater.
BATHROOM
Fitted with a three-piece suite comprising panelled bath with mixer tap, hand spray shower attachment and folding screen over, low-level WC, pedestal wash hand basin, part tiled walls, extractor fan and Dimplex wall mounted fan heater.
OUTSIDE
There is a dedicated parking space to the property along with visitors parking spaces, a cycle store, a bin store and communal gardens.
SERVICE CHARGE
There is a service charge of approximately £90 per month and this includes buildings insurance, gardening, car park maintenance, communal electricity and cleaner once a week for the communal areas. This expense is paid by the landlord, not the tenant.
AGENTS NOTE
Although the vendor and tenant's preference is to sell to an investor who would like the long-term tenant to remain in the apartment, notice can be served after exchange of contracts if vacant possession is required on completion.
SERVICES
Mains electricity, water and drainage are connected to the property. None of the services or installations have been tested.
TENURE
The property is held under leasehold title (share of freehold) and is sold subject to the existing tenancy. The lease is 125 years from 1/01/2000 (102 years remaining.
COUNCIL TAX
Council Tax is payable to the East Riding of Yorkshire Council. The property is shown on the Council Tax Property Bandings List in Valuation Band ‘A’
VIEWING
Strictly by appointment with the sole agents on 01377 241919.
FREE VALUATION
If you are looking to sell your own property, we will be very happy to provide you with a free, no-obligation market appraisal and valuation. We offer very competitive fees and an outstanding personal service that is rated 5 star by our fully verified past clients.
Tenure : Leasehold
Council Tax Band : A
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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