6 Bingley Close, Snodland, Kent

Description

Vacant self-contained second-floor flat with two bedrooms, reception room, kitchen and bathroom. GIA approximately 68 sq m (732 sq ft), sourced from the EPC. By Order of Receivers.

Accommodation

Second floor: two bedrooms, reception room, kitchen and bathroom

Location

Situated on the south side of Bingley Close, to the north west of its junction with Roman Road. Local shops and amenities are available along High Street and Malling Road, with further facilities in Maidstone. Snodland station is 0.6 miles to the east. The A228 provides access to the M20 motorway to the south and the M2 motorway to the north east. The Rec and Leybourne Lakes Country Park are within reach.

Tenure / Property Information

Investment Analysis

Five completed sales on Bingley Close range from £150,000 to £192,500, with a median of £175,000. A base GDV of £175,000 is used, with £150,000 low and £192,500 high scenarios. These comparisons do not establish an adjustment for the subject flat's approximately 48-year lease, £650 annual ground rent, size, condition or exact specification, so the GDV range is indicative only.

Investment Snapshot

Strategy Recommendation

Treat as a cautious income-led purchase only after legal, lease and mortgageability review. Confirm service charge, lease-extension position, restrictions and actual achievable rent before bidding; do not rely on the headline yield or GDV alone.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a full inspection and confirm the condition of the kitchen, bathroom, finishes, services and communal areas before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV, 75% refinance is £131,250. However, the short remaining lease, ground rent and unknown lender criteria may reduce valuation or refinance availability. Works, buyer costs and finance costs are not supplied, so total project cost and cash left in cannot be calculated.

Buy-to-Let Analysis

The two advertised asking rents are both £1,250 pcm, equating to £15,000 annually and a headline gross yield of 17.14% against the £87,500 guide. This is not an achieved rent and excludes ground rent, service charge, management, maintenance, voids, finance, tax and purchase costs. The approximately 48-year lease and £650 annual ground rent may materially affect mortgageability, resale and net returns.

Flip Analysis

Indicative resale evidence supports a broad £150,000 to £192,500 range, with a £175,000 base GDV. A flip surplus cannot be calculated because condition, refurbishment costs, acquisition charges and selling costs are unsupported. The short lease and £650 ground rent could also constrain the achievable resale price.

Investor Risks & Due Diligence

• Approximately 48 years remain on the lease, which may restrict mortgageability, resale and refinancing.

• Ground rent is £650 per annum and may reduce net income and lender appetite.

• The £1,250 pcm figure is advertised asking rent rather than achieved rent.

• Condition and refurbishment requirements are not evidenced.

• Service charge, insurance, reserve fund and other leasehold costs are not supplied.

• Buyer, administration, finance and selling costs are not supplied.

• Comparable sales do not confirm the effect of the subject flat's remaining lease, ground rent or condition.

Recommendation

Treat as a cautious income-led purchase only after legal, lease and mortgageability review. Confirm service charge, lease-extension position, restrictions and actual achievable rent before bidding; do not rely on the headline yield or GDV alone.

Strategy Rating

Analysis Confidence

There are several directly comparable completed sales and two matching advertised rents, but condition, service charge, buyer fees, selling costs, lease covenants, exact lease terms and mortgageability evidence are missing.