8 Royle Close, Romford, Essex, RM2 5PS

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 first floors.

Accommodation

First Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom. Exterior: The property benefits from a garage.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Hylands Park are within easy reach. Transport links are provided by Romford overground station and rail station.

Tenure / Property Information

Investment Analysis

Same-close leasehold flat sales range from £192,500 to £295,000 (2021–2023), averaging £247,800. This is an unadjusted indication because the comparables’ lease lengths, condition and specifications are not supplied; the subject has approximately 46 years remaining, which may materially affect value.

Investment Snapshot

Strategy Recommendation

Do not bid on the guide alone. Proceed only after reviewing the legal pack, confirming lease economics and mortgageability, and obtaining a full condition and lease-extension cost assessment.

Works Required

No specific defects or refurbishment requirements are evidenced. Inspect and obtain costs for any repairs, presentation works, compliance items and lease-related requirements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the unadjusted base GDV would be approximately £185,850. Actual refinancing is uncertain because the lease has only about 46 years remaining and lender criteria, lease extension costs, works and total project costs are unavailable. Cash-left-in cannot be calculated reliably.

Buy-to-Let Analysis

The supplied advertised asking rent is £1,550 pcm, equivalent to £18,600 annually. At the £90,000 guide, the headline gross yield is approximately 20.67%, before works, the £1,800 admin charge, other auction costs, ownership costs and finance. The rent is advertised, not achieved, and the short lease may affect mortgageability and tenant demand.

Flip Analysis

The comparable sales indicate a broad unadjusted resale range of £192,500–£295,000. A reliable flip surplus cannot be calculated because refurbishment costs, selling costs, lease extension costs and the eventual purchase price are unsupported.

Investor Risks & Due Diligence

• Approximately 46 years remain on the lease, with no lease-extension cost or terms supplied.

• Ground rent, service charge and other lease liabilities are not provided.

• Condition, EPC and heating information are unavailable, so works cannot be costed.

• The rental evidence is advertised asking rent rather than achieved rent.

• The £1,800 admin charge is known, but other disbursements and special-condition costs may apply.

• Final purchase price is uncertain because the guide is £90,000+.

Recommendation

Do not bid on the guide alone. Proceed only after reviewing the legal pack, confirming lease economics and mortgageability, and obtaining a full condition and lease-extension cost assessment.

Strategy Rating

Analysis Confidence

There are relevant same-close sales and rental evidence, but condition, lease charges, lease-extension cost, EPC, legal-pack costs and achieved rent are unavailable.