Flat 1 Marshall House, 2 Dorncliffe Road, London

Description

One bedroom basement flat; communal garden; well located for Fulham amenities; in need of modernisation.

Accommodation

Lower Ground Floor - Bedroom, Reception Room, Kitchen, Bathroom/WC

Location

The property is situated in the popular Fulham (Munster Village) area of South West London, a predominantly residential neighbourhood with excellent local amenities and transport connections. The area benefits from a wide range of independent cafés, restaurants, convenience stores and supermarkets centred around Fulham Road, Munster Road and Parsons Green. Transport: Parsons Green - District; Barnes Bridge - South Western Railway.

Tenure / Property Information

Investment Analysis

The only sold evidence is for Flat 10, Dorncliffe Road: £635,000 in September 2015, with no floor area, condition, bedroom count or current-market adjustment supplied. It is therefore insufficient to establish a reliable current GDV for this one-bedroom basement flat. The £315,000 guide cannot be treated as market value. The supplied £1,582 pcm asking rent relates to a different property and cannot be adopted as the subject property's rent.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Obtain a full legal pack, confirm all buyer and seller charges/VAT, inspect the flat, quantify modernisation works, and obtain current local valuation and rental evidence before considering a purchase.

Works Required

Modernisation of the one-bedroom basement flat as described. The evidence does not specify the required works, condition defects, floor area, services condition or refurbishment cost, so no reliable works allowance can be calculated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten from the evidence. A 990-year lease is stated to be granted on completion, but refurbishment cost, current value, post-works GDV, subject rent and refinance valuation are unsupported. The buyer fee and possible VAT or seller charges are also unknown.

Buy-to-Let Analysis

A BTL appraisal cannot be established because no subject-property rent or achieved rental evidence is supplied. The £1,582 pcm figure is an advertised asking rent for a different flat. Buyer fees, VAT position, service charges, ground rent, council tax and other ownership costs are also unknown.

Flip Analysis

A flip appraisal cannot be established. The only sold comparable is an apparently different flat sold in 2015, with no current adjustment or property specification. Modernisation is required but its scope and cost are not supplied, and no supported resale GDV or selling allowance is available.

Investor Risks & Due Diligence

• The guide excludes the auctioneer's buyer fee and VAT may apply.

• Seller special conditions may include additional seller charges and/or VAT.

• The flat is described as needing modernisation, but the scope and cost are unknown.

• No floor area, service charge, ground rent, council tax or other leasehold cost information is supplied.

• The sold comparable is from 2015 and lacks sufficient property detail for a reliable current valuation.

• The rental evidence is an advertised asking rent for a different property, not the subject flat's achieved or passing rent.

• The new 990-year lease is stated to be granted on completion, so the legal terms should be verified in the special conditions and lease documentation.

Recommendation

Do not bid on the current evidence alone. Obtain a full legal pack, confirm all buyer and seller charges/VAT, inspect the flat, quantify modernisation works, and obtain current local valuation and rental evidence before considering a purchase.

Strategy Rating

Analysis Confidence

Evidence lacks subject floor area, current comparable sales, verified subject rent, refurbishment costs, service charge, ground rent, buyer fee, VAT position and other project costs.