Investment Property Cash Buyers ONLY (due to short lease)
A two bedroom flat arranged over two floors and in need of some minor redecoration.
Southend House is a well located building within close proximity to Stanford le Hope town centre in one direction and Corringham in the other and within walking distance of Stanford le Hope train station.
This property is priced as it is because it has an unexpired lease of just 40 years. This means that a bank will not advance a mortgage on it (minimum 75 years). However other properties in this block have had their leases extended to 100 years plus at a cost as may be dictated by the freeholder from time to time and this option is always available to be explored by the incoming purchaser.
In any case, the rental value of this property is approximately £1000 per month and therefore the annual yield is c.10% per annum, much greater than average.
It is understood from our client that the cost of renewing the lease would be approximately £25,000 based upon conversations had with the freeholder previously. Prospective purchasers will need to facilitate the renewal themselves post-purchase
Price to sell.
Living Room (4.45m x 3.23m (14'7" x 10'7"))
Kitchen (3.33m x 3.00m (10'11" x 9'10"))
Master Bedroom (4.47m x 3.23m (14'8" x 10'7"))
Bedroom (3.02m x 2.51m (9'11" x 8'3"))