43 Frazer Close, Romford, Essex, RM1 2DG

Description

A Vacant Ground Floor Two Bedroom Flat. The property comprises a ground floor two bedroom flat situated within a purpose built building 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 Oldchurch Park are within easy reach. Transport links are provided by Romford underground station (Elizabeth line), overground station and rail station.

Tenure / Property Information

Investment Analysis

Nearby completed sales on Frazer Close range from £175,500 to £250,000, with the three most recent supplied sales at £210,000, £250,000 and £210,000. A base GDV of £210,000 is supported by the evidence, but the comparable lease lengths, condition and service charges are not supplied. The subject has approximately 61 years unexpired, which may affect value and mortgageability relative to the comparables.

Investment Snapshot

Strategy Recommendation

Proceed only conditionally and subject to legal-pack review, lease/mortgageability advice, service-charge information and an inspection. The apparent BTL yield is attractive at the guide, but the short lease and weak rental evidence make a cautious, low-bid approach preferable to relying on the headline margin.

Works Required

No condition defects or required works are evidenced. Allowance should therefore remain subject to inspection and the legal pack; only normal preparation, cleaning or redecoration should be considered if confirmed, without assigning an unsupported cost.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £100,000 guide, the refinance figure at 75% of the £210,000 base GDV would be £157,500. A complete BRRR appraisal cannot be established because refurbishment costs, service charges, legal disbursements and finance costs are unknown. Refinanceability may also be constrained by the approximately 61-year lease.

Buy-to-Let Analysis

The two supplied flat rental listings indicate £1,650–£1,999 pcm, implying approximately 19.8%–24.0% gross yield against the £100,000 guide before fees, finance, service charge, voids and management. However, the rental evidence is asking-rent data, not achieved rent, and no service charge, ground rent or council tax is supplied. The approximately 61-year lease is a significant BTL lending and resale consideration.

Flip Analysis

The £210,000 base GDV is supported by nearby completed sales. A flip appraisal cannot produce a reliable surplus because condition, refurbishment costs, selling costs, lease-related costs and purchaser disbursements are not supplied. The apparent discount to comparable values should not be treated as profit before those costs and legal checks.

Investor Risks & Due Diligence

• Approximately 61 years remain on the lease, potentially affecting mortgageability, resale and lease-extension costs.

• Property condition and any required refurbishment are not evidenced.

• Service charge, ground rent, council tax and heating costs are not supplied.

• Rental listings are advertised asking rents rather than achieved rents, and the evidence is limited.

• Additional legal-pack disbursements may be payable on completion.

• Buyer premium and other purchaser costs are not fully specified beyond the £1,800 administration charge.

Recommendation

Proceed only conditionally and subject to legal-pack review, lease/mortgageability advice, service-charge information and an inspection. The apparent BTL yield is attractive at the guide, but the short lease and weak rental evidence make a cautious, low-bid approach preferable to relying on the headline margin.

Strategy Rating

Analysis Confidence

Local completed sales and two flat rental listings are supplied, but condition, comparable lease details, service charges, ground rent, refurbishment costs, selling costs and full auction disbursements are unavailable.