7 Langbay Court, Cloister Croft, Walsgrave, Coventry, West Midlands

Description

2 bedroom ground floor apartment, ready to move into. With off road parking and a garage within a block. Located in a popular area off Walsgrave road, 1 mile to University Hospital, or 0.5 miles via pedestrian route. Leasehold with 45 years remaining. Potential to achieve yield circa 20% Ideal investment opportunity.

Accommodation

GROUND FLOOR Hallway: Lounge/diner: 14 ft 12 in x 12 ft 3 in Kitchen: 8 ft 7 in x 5 ft 8 in Bedroom 1: 13 ft 2 in x 9 ft 9 in max Bedroom 2: 8 ft 4 in x 7 ft 1 in Bathroom: OUTSIDE Communal gardens. Garage within a block. Off road parking.

Location

Located in a popular area off Walsgrave road, 1 mile to University Hospital, or 0.5 miles via pedestrian route.

Tenure / Property Information

Investment Analysis

Same-block completed sales range from £62,000 to £115,000. The two latest sales were £62,000 and £72,000, while older sales were higher. Given the 45-year lease and evidence variation, a cautious HB scenario is £62,000–£92,000, with £72,000 as base GDV. Analysis uses the £50,000 midpoint of the auction guide plus stated buyer and admin charges.

Investment Snapshot

Strategy Recommendation

Only consider as a cautious income purchase if legal review confirms the lease, service charge position and lender acceptability. Avoid relying on BRRR or a high resale value without lease-specific evidence.

Works Required

No specific works are identified; the flat is described as ready to move into. Allowance excludes any undisclosed legal, compliance or minor maintenance requirements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using £72,000 base GDV, 75% refinance is £54,000. Against £52,640 purchase plus stated buyer/admin charges, the indicative surplus is £1,360 before finance, tax, legal and other costs. The short lease creates significant refinance risk, and the calculation excludes any undisclosed works or auction costs.

Buy-to-Let Analysis

At the £50,000 guide midpoint, the supplied £775–£925 pcm asking-rent evidence implies 18.6%–22.2% gross yield, before service charge and other costs. The £2,870 annual service charge materially reduces net return. Asking rents are not achieved rents, and the 45-year lease may restrict lending and resale.

Flip Analysis

At the £50,000 analysis purchase figure, base GDV of £72,000 gives £19,360 before selling costs and finance. Same-block evidence is volatile, ranging from £62,000 to £115,000, and no selling-cost allowance or resale timing evidence is supplied; therefore a reliable flip surplus cannot be established.

Maximum Bid Indicator

This is an HB screening estimate based on the supplied evidence and HB assumptions. It is not a formal valuation or instruction to bid.

Investor Risks & Due Diligence

• Only 45 years remain on the lease.

• Annual service charge is £2,870, materially affecting net income.

• Rental evidence comprises advertised asking rents, not achieved rents.

• Same-block sold prices vary significantly from £62,000 to £115,000.

• Additional legal-pack, seller-cost, search and transfer charges may apply.

• Electric heating and EPC D may affect running costs and tenant appeal.

• Refinance and resale options may be constrained by the short lease.

Recommendation

Only consider as a cautious income purchase if legal review confirms the lease, service charge position and lender acceptability. Avoid relying on BRRR or a high resale value without lease-specific evidence.

Strategy Rating

Analysis Confidence

There are recent same-block sales and local asking-rent evidence, but values vary substantially and key legal-pack, lease-extension, resale and achieved-rent information is unavailable.