A rare opportunity to acquire a two bedroom house at this level of the market in Beverley. The property is held on a leasehold basis and forms part of a small development on the western side of Beverley in the highly regarded Molescroft village area. There is around 80 years remaining on the lease so it is likely to only be suitable for cash buyers. No forward chain, vacant possession and early viewing is essential.
This two bedroom town house is likely to represent an excellent opportunity to achieve a very healthy yield for an investment buyer. It may also suit a purchaser with cash to purchase a property who is not able or doesn’t want to borrow to fund the balance of a purchase. The property is in very good condition and could be immediately occupied or let. With double glazing and night storage heaters it briefly comprises: a Living Room, fitted Dining Kitchen, First Floor Landing, a Double bedroom, Single Bedroom and a Bathroom. There is off street parking available on the grounds.
An excellent investment opportunity that may also appeal to an owner occupier. Early viewing is essential.
LOCATION
This Molescroft Mews building is located on the northern outskirts of Beverley at the junction of Driffield Road with Woodhall Way and benefits from quick access onto the town’s by-pass roads leading to Hull, York, Driffield and the east coast. The town is renowned for its highly regarded schools, play parks and sporting facilities including golf and horse racing courses on the Westwood common pastures. It is a little over a mile into the town centre with its array of shops, cafe bars and restaurants. There are also bus and railway stations close-by.
ACCOMMODATION
Living Room - with windows to the front and side and a door to the front. Laminate style flooring, night storage heater and stairs to the first floor.
Dining Kitchen - a range of base and wall mounted units, oven and electric hob, two windows to the rear and a night storage heater.
First Foor Landing
Bedroom 1 - a double bedroom with window to the front, a night storage heater and built-in cupboard.
Bedroom 2 - a single bedroom with window to the rear and electric heater.
Bathroom - a modern white suite comprising panelled bath with electric shower over and swing shower screen, low flush WC and pedestal wash hand basin. Electric stainless steel towel rail and window to the rear.
Outside - The development sits on communal grounds and there is off street parking available on site.
Heating and Insulation: The property has double glazing and night storage heaters.
Services: Mains water, electricity and drainage are connected to the property. None of the services or installations have been tested.
Council Tax: Council Tax is payable to the East Riding of Yorkshire Council. The property is shown in the Council Tax Property Bandings List in Valuation Band 'A' (verbal enquiry only).
Tenure: Leasehold. The current lease has approx. 81 years to run with a current ground rent of £500 per annum. The lease commenced on 31st January 2006 for a term of 99 years. Service charges are currently £1,429.84 per annum (paid quarterly). With vacant possession upon completion.
Viewing: Strictly by appointment with the agent's Beverley office. Telephone: 01482 866844.
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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