The catch is that the leases have less than 70 years, meaning at best the choice of mortgages may be limited or at worst it may suit cash buyers only
Either way you'd need to factor in the cost of extending the lease as part of your long term exit strategy
They should rent at £350pcm each meaning you'll return £8,400 per year rental income which works out at 24% Gross Yield!!!
A further note of caution before you get too excited, they appear to be in decent condition so it should be possible to attract working tenants (we manage a couple of small houses on this estate and rent them to working people) but you may need to consider DSS at a push
They're being marketed by Pattinson so contact them to get more details or arrange a viewing http://www.zoopla.co.uk/for-sale/details/40368178
Call me if you'd like to discuss this or any aspect of property investment in Sunderland - call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com
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ReplyDeleteI had an offer accepted on this property, i pulled out after spending 1700 on solicitors fees i was advised by my solicitor that the complications involving the leases, the management company, and the freeholder were not good. I then subsequently found out that i was either the 3rd or 4th buyer to pull out, the properties then went to auction.
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ReplyDeleteHi admin,
I really like it, I have also a blog which is related with you, which is about buying a house with cash.
The reasons for this decision are many such as bankruptcy, divorce, foreclosures, or to get instant cash.
what is your alternate course of action that allows you to get a decent price for your home?
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ReplyDeleteHi admin,
In order to advertise and put up your house for sale in suitable places, you may seek the services of a complete sales team or simply a real estate agent.
When buying a house you have two options, you can purchase the house on cash or opt for a mortgage.
This is fee is needed in order to maintain your house and other essential needs in the community.
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