We purchased this property at the end of October 2022 for £61,000.00 plus stamp duty and legal fees. It had a short lease of approximately 41 years remaining at the time of purchase. The seller had already made enquiries about extending the lease and it was agreed that the Freeholder would extend the lease after completion with an agreed lease extension premium payable of circa £25,000.00 plus legal fees.
The initial plan was to carry out a light refurbishment to include new kitchen and bathroom, rewire decoration and tidy up the garden.
Unfortunately, as sometimes happens with property, we had to carry out a much more extensive refurbishment than we had originally planned for. When we removed the carpets and kitchen units it was clear that parts of the floor had sunk and that we would therefore need to dig up the floor and then concrete it to stop it from sinking further. This was work that wasn’t originally planned for. As we were doing more considerable works we decided to increase the refurbishment specification and add patio doors leading from the lounge directly to the garden and then to make the lounge and kitchen open plan to create a more spacious kitchen.
What started as a light refurbishment ended up as a comprehensive refit which included the following works:
- Plastering throughout
- New central heating system and radiators
- New electrical installation
- New Kitchen
- New bathroom
- New flooring throughout
- New composite front door and patio doors
- Full decoration throughout
This purchase was part funded by a private investor. We paid the investor an excellent return on their loan and they had no involvement in the project other than visiting the site on a couple of occasions to view progress (because they have an interest in property and had invested in property previously).
The property was let to the first person that viewed it for approximately 30 per cent above the average market rent for that type of property in the local area.
We shall be remortgaging the property in the near future and it should achieve a valuation of approximately £145,000.00.
If you would like to know more about what we do or would like to become a private lender please get in touch via our email address or through the “invest with us” section of our website.
