5 Fernside, London Road, East Grinstead, West Sussex

Description

A two bedroom first floor flat. The property forms part of a purpose built block and benefits from a garage en bloc, parking space and use of the communal garden. In need of modernisation. Vacant.

Accommodation

First Floor - Entrance Hallway, Reception Room, Kitchen, Two Bedrooms, Bathroom/WC.

Location

Located on Newlands Crescent, accessed off London Road. Shopping amenities are available nearby in the centre of East Grinstead. Recreational amenities of Imberhorne Recreation Ground and Lingfield Road Recreation Ground nearby. Transport links via East Grinstead station and access to the A22 with London Gatwick Airport also in close proximity. Transport East Grinstead - Southern, Thameslink.

Tenure / Property Information

Investment Analysis

The strongest supplied comparable is a leasehold flat at Fernside, London Road, sold for £236,000 in December 2023. Older sales at the same address range from £177,500 to £221,000. A provisional base GDV of £236,000 is used, but the comparables may not be the same flat and do not confirm identical lease length, condition or ancillary rights. The lease began in 1971 for 99 years, leaving approximately 43 years remaining in 2026, which could materially affect value, mortgageability and resale. The guide price is £85,000, before unknown auction-related and seller charges.

Investment Snapshot

Strategy Recommendation

Conditional BTL/hold only after reviewing the legal pack, lease, service charge and ground rent and obtaining a refurbishment quote. Do not rely on the apparent guide-price discount until the short lease and all auction and seller charges are understood.

Works Required

Modernisation is required, but the evidence does not specify the condition of individual elements or provide a scope of works. Obtain a full inspection and contractor quotations before bidding. Confirm the garage, parking space and communal garden rights from the lease and legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, 75% of the provisional £236,000 GDV is £177,000. However, refurbishment costs, auction and seller charges, lease-related costs, service charge, ground rent and finance costs are unavailable, so total project cost and cash left in cannot be calculated. Refinanceability is uncertain because of the short remaining lease.

Buy-to-Let Analysis

The supplied advertised rents are £1,346–£1,475 pcm, equivalent to £16,152–£17,700 annually. Against the £85,000 guide, the gross yield indication is approximately 19.0%–20.8%, before works, service charge, ground rent, finance, management, voids, maintenance, tax and auction costs. These are asking rents rather than achieved rents. The approximately 43-year remaining lease may make BTL mortgage finance and future resale more difficult. A reliable net yield cannot be established because costs are not supplied.

Flip Analysis

A provisional resale value of £236,000 is supported by the strongest supplied same-address comparable, with £221,000 as a lower evidence-based scenario. A flip surplus cannot be calculated because works costs, acquisition charges, seller charges, finance costs and selling costs are not supplied. The short lease is a material resale and valuation risk.

Investor Risks & Due Diligence

• Approximately 43 years remain on the 99-year lease, potentially restricting mortgageability, refinancing and resale.

• The flat is stated to need modernisation, but no detailed condition survey or works budget is supplied.

• Service charge and ground rent information is absent.

• Buyer fees, VAT, seller charges and other auction costs are unknown.

• Rental figures are advertised asking rents, not achieved rents.

• Same-address sold comparables do not confirm identical flat size, condition, lease length or ancillary rights.

• Legal confirmation is required for the garage, parking space and communal garden rights.

Recommendation

Conditional BTL/hold only after reviewing the legal pack, lease, service charge and ground rent and obtaining a refurbishment quote. Do not rely on the apparent guide-price discount until the short lease and all auction and seller charges are understood.

Strategy Rating

Analysis Confidence

There is useful same-address sold-price evidence and rental asking evidence, but the comparables may not be the same flat, the lease is relatively short, and works, service charges, ground rent, auction charges and seller costs are all unavailable.