180(B) Masterman Road, East Ham, E6 3NP

Description

A self-contained first floor flat requiring modernisation and repair. Leasehold flat offered with vacant possession. There is no planning permission in place; see the legal pack for further information.

Accommodation

Entrance Hall; Living Room; Kitchen without fittings; Bedroom; Bathroom/WC.

Location

Situated at the junction with Buxton Road, close to local shopping and travelling facilities including East Ham Tube Station, served by the District and Hammersmith & City Lines. Central Park and Plashet Park are also nearby.

Tenure / Property Information

Investment Analysis

The only supplied sale evidence for 180B and 180A is from 2006, so it does not support a current GDV. The £75,000 guide cannot be treated as market value. Current valuation is further constrained by the approximately 78–79 years remaining on the lease, required modernisation and repair, kitchen without fittings, EPC F and the absence of planning permission.

Investment Snapshot

Strategy Recommendation

Do not bid on the supplied evidence alone. Proceed only after reviewing the legal pack, confirming lease length and costs, obtaining a current valuation and producing a contractor-priced refurbishment budget.

Works Required

Modernisation and repair as described, including fitting out the kitchen without fittings. The EPC F rating may require improvement, but the scope and cost are not evidenced. No planning works should be assumed because no planning permission is in place.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten from the evidence. There is no current GDV, quantified refurbishment budget, refinance valuation, service-charge information or confirmed achievable rent. The lease term and condition may materially affect lender and resale outcomes.

Buy-to-Let Analysis

The supplied rental listings indicate advertised asking rents of £1,500–£2,050 pcm, equivalent to indicative gross yields of 24.0%–32.8% against the £75,000 guide price. These are asking rents rather than achieved rents, and no allowance can be made for refurbishment, service charges, leasehold costs, finance, voids or management. A reliable BTL appraisal cannot therefore be established.

Flip Analysis

A flip appraisal cannot be established because the only sold comparables are dated 2006 and no current GDV, refurbishment cost or selling-cost allowance is supplied. The known buyer premium is £1,500 inclusive of VAT, with possible additional seller charges under the special conditions.

Investor Risks & Due Diligence

• Current market value is unsupported because all supplied sold comparables are from 2006.

• Approximately 78–79 years remain on the lease, with inconsistent lease-term wording in the evidence.

• The flat requires modernisation and repair, but no quantified scope or cost is supplied.

• The kitchen is described as being without fittings.

• EPC rating is F; improvement requirements and costs are unknown.

• No planning permission is in place; the legal pack requires review.

• Rental figures are advertised asking rents, not achieved rents.

• Additional seller charges may be payable under the special conditions of sale.

• Leasehold service charges, ground rent, major works exposure and lease restrictions are not supplied.

Recommendation

Do not bid on the supplied evidence alone. Proceed only after reviewing the legal pack, confirming lease length and costs, obtaining a current valuation and producing a contractor-priced refurbishment budget.

Strategy Rating

Analysis Confidence

The property description, guide price, buyer premium and rental asking evidence are supplied, but current comparable sales, refurbishment costs, leasehold charges, GDV, achieved rent and applicable completion fees are unavailable. The lease term is also stated inconsistently as approximately 79 and 78 years unexpired.