26A, High Street, Wellingborough, NN8 4JZ

Description

A vacant leasehold first floor flat. A first floor studio flat. The property is in need of modernisation.

Accommodation

First Floor: Studio Flat with Kitchen and Shower Room/WC.

Tenure / Property Information

Investment Analysis

The only directly matching completed sale is this property at £50,000 on 29 May 2008. Same-day nearby High Street leasehold flat sales were £48,000 and £52,000. These are historic comparables and provide limited evidence of current value. A provisional evidence-based GDV range is £48,000–£52,000, with £50,000 as the base case, subject to current valuation, condition and legal-pack review.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming lease and service-charge terms, obtaining a current valuation and pricing the required modernisation. Do not rely on the £5,000 guide as an indication of market value.

Works Required

Modernisation of the studio flat, kitchen and shower room/WC is indicated by the description. The scope, specifications and costs cannot be established from the supplied evidence; obtain a full inspection and contractor quotations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the provisional £50,000 GDV, 75% refinance equates to £37,500. A meaningful BRRR calculation cannot be completed because refurbishment costs, purchase price, additional charges, finance costs and current rent are unavailable. The low guide should not be treated as market value.

Buy-to-Let Analysis

BTL viability cannot be reliably established. The £1,275 pcm studio/apartment figure is an advertised asking rent rather than achieved rent and is not confirmed as directly comparable to this flat. Refurbishment costs, service charges, insurance, compliance costs and any lease restrictions are unknown. The £2,700 administration charge alone is material against the £5,000 guide.

Flip Analysis

A flip assessment cannot be completed reliably. The historic evidence suggests a £48,000–£52,000 value range, but refurbishment costs, selling costs, acquisition price and current market evidence are unavailable. No flip surplus is therefore calculated.

Investor Risks & Due Diligence

• The comparable sales date from 2008 and may not represent current market value.

• The property is stated to need modernisation, but the extent and cost of works are unknown.

• The £2,700 including VAT administration charge is payable on the fall of the gavel and is significant relative to the guide.

• Additional legal-pack costs, taxes and other completion charges are not supplied.

• Full lease details, including any service charge, ground rent, restrictions and other obligations, require review.

• EPC rating E may require consideration of future energy-efficiency requirements and upgrade costs.

• The rental evidence is advertised asking rent only and is not confirmed as achieved rent for this specific studio.

Recommendation

Proceed only after reviewing the legal pack, confirming lease and service-charge terms, obtaining a current valuation and pricing the required modernisation. Do not rely on the £5,000 guide as an indication of market value.

Strategy Rating

Analysis Confidence

There is a directly matching historic sale and two same-day nearby sales, but no current completed sales, confirmed rent, refurbishment budget, full lease details or complete auction-cost schedule.