28B, High Street, Wellingborough, NN8 4JZ

Description

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 28B High Street at £52,000 on 29 May 2008. Other nearby leasehold flat sales range from £48,000 to £80,000, also dated 2006–2008. These historic transactions do not provide sufficient evidence for a current GDV, particularly as the flat requires modernisation.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack and obtaining current local valuation, refurbishment quotations, leasehold cost information and rental evidence. The low guide is offset by the £2,700 administration charge and substantial uncertainty.

Works Required

Modernisation of the studio flat, kitchen and shower room/WC, subject to inspection and the legal pack. No detailed specification or condition schedule has been supplied, so the scope and cost cannot be quantified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be supported without a current GDV, refurbishment budget, achievable rent, service-charge and ground-rent information, and refinance assumptions. The historic £52,000 sale is not a reliable current refinance valuation.

Buy-to-Let Analysis

BTL analysis cannot be completed because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The £2,700 administration charge is known, but refurbishment, leasehold and other acquisition costs are not.

Flip Analysis

A flip surplus cannot be calculated because there is no current GDV, refurbishment budget or supported selling-cost allowance. The historic same-property sale at £52,000 on 29 May 2008 is not sufficient evidence of present resale value.

Investor Risks & Due Diligence

• Historic comparable sales are from 2006–2008 and do not establish current market value.

• The flat is described as needing modernisation, but no detailed condition or works specification is supplied.

• No sufficiently specific rental evidence or auctioneer rent estimate is available.

• The £2,700 administration charge is payable on the fall of the gavel and additional special-condition costs may apply.

• Full lease details are only available in the legal pack; remaining lease term, ground rent, service charge and restrictions are not supplied.

• Stamp duty and government taxes are excluded from the stated charges.

Recommendation

Proceed only after reviewing the legal pack and obtaining current local valuation, refurbishment quotations, leasehold cost information and rental evidence. The low guide is offset by the £2,700 administration charge and substantial uncertainty.

Strategy Rating

Analysis Confidence

The property description, tenure, vacant possession, guide and administration charge are supplied, but current market value, rent, refurbishment cost, leasehold charges, EPC, council tax, parking, heating and special-condition costs are unavailable.