5 Fernside, London Road, East Grinstead, West Sussex, RH19 1QS

Description

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

Accommodation

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

Location

The property is situated on a residential road close to local shops and amenities. There are numerous open spaces within easy reach. Transport links are provided by East Grinstead rail station.

Tenure / Property Information

Investment Analysis

The supplied completed sales for Fernside range from £177,500 to £236,000, with an average of £212,300 and the latest sale at £236,000 in December 2023. The evidence does not confirm that any comparable is the same flat, nor provide size, condition or lease details for the comparables. A cautious base GDV of £212,300 is used, with an evidence-supported range of £177,500–£236,000. The approximately 43-year unexpired lease may materially affect value and mortgageability, but no adjustment can be quantified from the evidence.

Investment Snapshot

Strategy Recommendation

Do not bid solely on the apparent discount. First verify the legal pack, exact lease expiry, ground rent, service charge, building insurance, lease restrictions, mortgageability, condition and any disbursements. Proceed only if the short lease is acceptable to the intended lender or exit strategy and the total cost remains supported by the comparable evidence.

Works Required

No refurbishment defects or required works are evidenced. A physical inspection and review of the legal pack are required before allowing for works. The analysis uses no refurbishment allowance.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV of £212,300, 75% of GDV is £159,225. Against the £71,800 guide-plus-known-administration-cost basis, the indicative difference is £87,425 before finance, tax, works and other completion costs. This is not a reliable BRRR outcome because lease length, lender criteria, rent, service charges, ground rent, condition and legal disbursements are unknown.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence, auctioneer rent estimate, service charge, ground rent, council tax or condition information is supplied. The approximately 43-year lease may restrict lender and tenant demand. At the £70,000 guide, the known purchase price plus £1,800 administration fee totals £71,800 before any other fees, works or finance costs.

Flip Analysis

The sales evidence indicates a broad GDV range of £177,500–£236,000, but no refurbishment cost, selling-cost allowance or same-flat confirmation is available. A flip surplus therefore cannot be calculated reliably. The apparent spread over the guide is not a confirmed profit because the short lease, fees, legal disbursements, works and selling costs remain unquantified.

Investor Risks & Due Diligence

• Approximately 43 years remain on the lease, which may restrict mortgageability, resale and refinance options.

• No sufficiently specific rental evidence is available, so rent and yield cannot be established.

• Condition and any refurbishment requirement are unknown.

• Buyer premium, legal disbursements and other completion costs are not quantified beyond the £1,800 administration fee.

• Ground rent, service charge, building insurance and lease restrictions are not supplied.

• The comparable sales are for Fernside but are not confirmed as the same flat or directly comparable in size, condition and lease terms.

Recommendation

Do not bid solely on the apparent discount. First verify the legal pack, exact lease expiry, ground rent, service charge, building insurance, lease restrictions, mortgageability, condition and any disbursements. Proceed only if the short lease is acceptable to the intended lender or exit strategy and the total cost remains supported by the comparable evidence.

Strategy Rating

Analysis Confidence

Completed sales evidence is available for the same development, but the comparables are not confirmed as the same flat and there is no rental, condition, EPC, service-charge, ground-rent, finance or full legal-cost evidence.