Flat 1, The Old School House, Brook Street, Higher Walton, Preston, Lancashire

Description

A one bedroom ground floor flat. The property forms part of an attractive converted building. In need of modernisation. Vacant.

Accommodation

Ground Floor - Entrance Hallway, Kitchen, Reception Room, Bathroom/WC, Bedroom.

Location

Higher Walton is a village in South Ribble, within the county of Lancashire. The property is located on Old School Lane, accessed off Lostock Lane. Local amenities can be found on Kittlingborne Brow, Cann Bridge Street and Station Road. Recreational amenities of Beeston Wood, Withy Grove Park and Preston Junction Nature Reserve are all easily accessible. Transport: Bamber Bridge - Northern; Lostock Hall - Northern.

Tenure / Property Information

Investment Analysis

No completed-sale comparables or formal valuation evidence has been supplied, so GDV and market value cannot be reliably estimated. The £35,000 guide is an auction guide only and excludes potentially applicable buyer, VAT and seller charges. The flat is vacant, leasehold, subject to a new 990-year lease, and described as needing modernisation. Council tax, parking, heating, service charge, ground rent and lease terms remain unverified.

Investment Snapshot

Strategy Recommendation

Do not set a bid or proceed on financial assumptions until the legal pack, lease terms, charges, service information, condition and local sold comparables have been reviewed. Subject to satisfactory due diligence, the property may merit consideration as a modest modernisation project, but the available evidence does not support a firm BTL, BRRR or flip strategy.

Works Required

Modernisation of the one-bedroom flat, including the kitchen, bathroom/WC, reception room, bedroom, entrance hallway and associated finishes/services where required. The evidence does not identify specific defects or provide a works budget.

Rental & Market Context

Potential BRRR Position

A BRRR assessment cannot be completed because there is no supported GDV, refurbishment cost, reliable achievable rent, or confirmed finance/lease-cost information. The proposed new 990-year lease is potentially helpful, but ground rent, service charge and other lease terms require legal-pack verification. Refinancing at 75% of GDV cannot be calculated.

Buy-to-Let Analysis

The supplied rental evidence ranges from £725 to £1,582 pcm, but its comparability to this specific flat and location is not established. The lower listing is described as Preston-wide asking-rent evidence; the second listing has insufficient location/property detail to validate it. A reliable achievable rent and yield cannot therefore be established. The vacant status may allow letting after modernisation, subject to legal-pack and lease review.

Flip Analysis

A flip appraisal cannot be completed without completed-sale comparables or a supported GDV, detailed condition information, refurbishment costs and selling-cost assumptions. The guide price alone is insufficient to demonstrate a resale margin, particularly as auctioneer and possible VAT or seller charges are unspecified.

Investor Risks & Due Diligence

• No completed-sale comparables or supported GDV are available.

• Modernisation requirements and costs are unspecified.

• Rental evidence is limited and may not be directly comparable to this flat.

• Buyer fees, VAT and potential seller charges are unspecified.

• Ground rent, service charge and other lease terms require legal-pack verification.

• Council tax, parking and heating information is not supplied.

• The property is leasehold despite the proposed new 990-year lease.

Recommendation

Do not set a bid or proceed on financial assumptions until the legal pack, lease terms, charges, service information, condition and local sold comparables have been reviewed. Subject to satisfactory due diligence, the property may merit consideration as a modest modernisation project, but the available evidence does not support a firm BTL, BRRR or flip strategy.

Strategy Rating

Analysis Confidence

The evidence confirms the property description, vacancy, tenure, guide price and general need for modernisation, but provides no sold comparables, refurbishment budget, verified local rent, GDV, buyer/admin fees, council tax, parking, heating or lease-cost details.