49 Homewillow Close, Winchmore Hill, London, N21 2HJ

Description

Vacant self-contained second floor retirement flat comprising a reception room, bedroom, kitchen and bathroom with WC. GIA approximately 42 sq m (452 sq ft), sourced from the EPC.

Accommodation

Second floor: reception room, bedroom, kitchen and bathroom with WC

Location

Situated on the north side of Homewillow Close. The shops and amenities of Grange Park and Enfield are to the north east. Grange Park station is easily accessible. The A10 is to the east, providing access to the M25 motorway to the north. Enfield Town Park and Trent Park are easily accessible.

Tenure / Property Information

Investment Analysis

Same-development completed sales range from £105,000 to £299,500. The more recent evidence is £230,000 on 27 August 2025 and £270,000 on 31 March 2026, supporting a base GDV of £230,000 with a cautious low scenario of £210,000 and high scenario of £270,000. Comparability is limited because the evidence does not confirm lease terms, retirement restrictions, condition, floor level or service charges for the comparables. The approximately 60-year lease and £491 annual ground rent may materially affect value and saleability.

Investment Snapshot

Strategy Recommendation

Do not bid solely on the apparent discount. First verify the lease, retirement restrictions, service charges, ground-rent terms, lenderability, resale eligibility and actual condition. Subject to satisfactory legal and lending checks, the guide suggests potential value, but the evidence is insufficient to set a defensible maximum bid.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a full inspection and confirm any works, service charges, building obligations and retirement accommodation requirements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £55,000 guide and no quantified works allowance, the indicative base total cost is £55,000. A 75% refinance against the £230,000 base GDV is £172,500, implying £117,500 of gross capital release before finance, tax, valuation, lender criteria, lease considerations and transaction costs. This is highly sensitive to the actual GDV, retirement-flat eligibility and whether lenders accept the approximately 60-year lease.

Buy-to-Let Analysis

At the £55,000 guide, the supplied £800 pcm advertised asking rent equates to £9,600 annually and a 17.45% gross yield before ground rent, service charges, management, voids, maintenance, finance and tax. The rent evidence is a generic London listing rather than confirmed local achieved rent, and no auctioneer rent estimate or service-charge information is supplied. Retirement occupancy restrictions and the short remaining lease require confirmation before relying on this strategy.

Flip Analysis

The base GDV of £230,000 indicates a gross difference of £175,000 against the guide before selling costs, finance, tax, buyer costs, works and any lease-related discount. No supported selling allowance, refurbishment budget or buyer/admin fee is provided, so a reliable net flip surplus cannot be calculated. The short lease, retirement designation and potentially limited buyer pool are material resale risks.

Investor Risks & Due Diligence

• Approximately 60 years remaining on the lease may restrict mortgageability and resale.

• Retirement-flat designation may limit eligible occupiers and the purchaser pool.

• Current ground rent is £491 per annum; service-charge information is absent.

• The £800 pcm rent is an advertised generic London asking rent, not confirmed achieved local rent.

• Condition and refurbishment requirements are unknown.

• Buyer, administration, seller and other third-party charges are not supplied.

• GDV comparables have a wide range and their lease terms, restrictions and condition are unconfirmed.

Recommendation

Do not bid solely on the apparent discount. First verify the lease, retirement restrictions, service charges, ground-rent terms, lenderability, resale eligibility and actual condition. Subject to satisfactory legal and lending checks, the guide suggests potential value, but the evidence is insufficient to set a defensible maximum bid.

Strategy Rating

Analysis Confidence

There are several same-development completed sales and a supplied rent indication, but lease comparability, retirement restrictions, service charges, condition, fees, buyer costs and local achieved rent are not evidenced.