33 Manor Court, York Way, Whetstone, London, N20 0DR

Description

A Vacant Ground Floor Two Bedroom Flat. The property comprises a ground floor two bedroom flat situated within a purpose built block arranged over ground and two upper floors.

Accommodation

Ground Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Bethune Park are within easy reach. Transport links are provided by Totteridge & Whetstone Station underground station (Northern line) and New Southgate rail station.

Tenure / Property Information

Investment Analysis

Recent completed sales within Manor Court range from £300,000 to £318,000 in 2024, with an older £230,000 sale in 2022. A base GDV of £300,000 is used, but the approximately 47-year unexpired lease is a significant valuation and mortgageability risk; the comparable lease terms, flat sizes and condition are not supplied.

Investment Snapshot

Strategy Recommendation

Do not bid solely on the apparent discount. Proceed only after reviewing the legal pack and confirming lease-extension implications, service charge, ground rent, arrears, comparable lease terms and lender acceptability. Subject to that due diligence, the strongest apparent use is a value-led resale or rental strategy, but the lease risk is material.

Works Required

No specific defects or required works are evidenced. Allow for inspection, legal review and any purchaser-identified works only; no refurbishment allowance can be reliably quantified from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £110,000 guide plus the known £1,800 admin charge, the analysed cost is £111,800 before disbursements and works. A 75% refinance against the £300,000 base GDV would be £225,000, theoretically exceeding this known cost by £113,200. However, the approximately 47-year lease, absent lease-cost information and unknown lender criteria make the refinance assumption highly uncertain.

Buy-to-Let Analysis

Using the supplied advertised asking-rent range of £1,450–£1,899 pcm, gross rent is £17,400–£22,788 annually. Against the £110,000 guide, the gross yield is approximately 15.82%–20.72%, or 15.56%–20.38% including the known £1,800 admin charge. These are asking rents from broad London evidence, not achieved rent for this flat; service charge, ground rent, council tax, voids, management, finance and lease-related costs are unavailable.

Flip Analysis

The supplied same-block sales support a broad £230,000–£318,000 evidence range, with £300,000 used as the base GDV. Against the guide and known admin charge, the gross uplift to base GDV is £188,200 before works, selling costs, finance, taxes, disbursements and any lease-related expenditure. A reliable net flip surplus cannot be calculated because these costs and the lease terms of the comparables are not supplied.

Investor Risks & Due Diligence

• Approximately 47 years remain on the lease, potentially affecting value, mortgageability and resale.

• Lease-extension premium and related professional costs are not supplied.

• Service charge, ground rent, arrears and other lease liabilities are unknown.

• The rental evidence is advertised asking rent from broad London sources rather than achieved rent for this flat.

• Condition, floor area, EPC, heating and council tax information are unavailable.

• Buyer disbursements, seller-cost reimbursements, legal fees, transfer fees and other auction charges may be payable under the legal pack.

• The sale comparables' lease lengths, sizes and condition are not supplied, limiting direct comparability.

• Off-street parking is first come first served rather than an allocated space.

Recommendation

Do not bid solely on the apparent discount. Proceed only after reviewing the legal pack and confirming lease-extension implications, service charge, ground rent, arrears, comparable lease terms and lender acceptability. Subject to that due diligence, the strongest apparent use is a value-led resale or rental strategy, but the lease risk is material.

Strategy Rating

Analysis Confidence

Same-block completed sales and broad rental adverts are available, but flat size, condition, service charge, ground rent, lease-extension cost, comparable lease lengths, EPC and several purchase/sale costs are missing.