Flat 104 Longford Court, Belle Vue Estate, Hendon, London, NW4 2BY

Description

A Twelfth Floor One Bedroom Flat Subject to a Periodic Tenancy Producing £18,000 Per Annum

Accommodation

Twelfth Floor: Reception Room, Kitchen, Bedroom, Bathroom.

Location

Situated on a residential road close to local shops and amenities. Hendon Park is within easy reach. Transport links are provided by Hendon Central underground station (Northern line), Hendon rail station and the M1.

Tenure / Property Information

Investment Analysis

The supplied completed sales are for Longford Court leasehold flats, ranging from £120,000 in February 2021 to £169,500 in October 2015. They are dated and provide no bedroom, floor, size, condition or lease-term detail, so they do not support a reliable current GDV for this twelfth-floor one-bedroom flat. The £200,000+ guide is materially above the latest supplied comparable, although the property is currently stated to produce £18,000 per annum. Current market value requires inspection, legal-pack review and better comparable evidence.

Investment Snapshot

Strategy Recommendation

Treat as a conditional income-led purchase only if the £18,000 annual rent, tenancy status, service charges and legal title are verified. Do not bid on a flip or BRRR basis without current valuation and full cost evidence.

Works Required

No refurbishment works are evidenced. Verify the flat’s condition, communal repair liabilities, service charges, major works exposure, tenancy documentation and lease terms before bidding. No works allowance has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be reliably underwritten because no current GDV, refurbishment budget, finance terms or refinance valuation is supported. The approximately 81-year lease, periodic tenancy, unknown charges and unspecified completion costs require legal and valuation review before considering refinance.

Buy-to-Let Analysis

At the £200,000 guide, the stated £18,000 annual rent produces a 9.00% gross yield. Including the known £1,800 administration charge gives an approximate 8.92% gross yield on £201,800, before any disbursements, finance, taxation, service charges, insurance or other costs. The £1,075 pcm advertised asking rent would equate to 6.45% at the guide, so the passing rent and tenancy terms must be verified. Net yield cannot be established from the evidence.

Flip Analysis

A flip cannot be assessed reliably because no current GDV, condition-based works budget, selling costs or supported resale value is available. The dated comparable evidence does not establish a resale surplus at the £200,000+ guide.

Investor Risks & Due Diligence

• Periodic tenancy may permit changing occupancy or income circumstances; tenancy documentation and compliance should be checked.

• The stated £18,000 annual rent conflicts with the supplied £1,075 pcm advertised asking-rent evidence and must be verified.

• Approximately 81 years remain on the lease; lease terms, extension position, ground rent and charges are not supplied.

• Buyer disbursements and possible seller, legal, search or transfer charges are unspecified.

• No current comparable valuation supports the £200,000+ guide, and the latest supplied sale was £120,000 in February 2021.

• Condition, service charges, major works exposure, EPC, council tax, parking and heating information are not supplied.

Recommendation

Treat as a conditional income-led purchase only if the £18,000 annual rent, tenancy status, service charges and legal title are verified. Do not bid on a flip or BRRR basis without current valuation and full cost evidence.

Strategy Rating

Analysis Confidence

The property description, stated rent, guide, known administration charge, lease term and dated sales evidence are available, but current valuation, condition, service charges, EPC, tenancy documents, finance costs and other completion charges are not.