Flat 57 Riland Court, Pages Close, Sutton Coldfield, B75 7SZ

Description

A vacant one bedroom first floor flat situated within a purpose built block. The property benefits from double glazing however, is in need of modernisation.

Accommodation

Ground Floor: Communal entrance. First Floor: Hall, Reception Room, Kitchen, Bedroom, Bathroom/WC. Outside: Communal grounds.

Tenure / Property Information

Investment Analysis

The supplied completed sales in the same Pages Close postcode range from £95,000 to £130,000, but they are not confirmed to have the subject flat’s 28-year unexpired lease, condition, size or lease terms. The short lease is likely to materially affect mortgageability, resaleability and value. A reliable subject-specific GDV cannot therefore be established from the evidence supplied.

Investment Snapshot

Strategy Recommendation

Do not bid based on the guide alone. Proceed only after legal review confirms the lease position, costs and saleability, and after obtaining a lease-specific valuation and quantified modernisation budget.

Works Required

Modernisation of the vacant one-bedroom flat, including review and updating of the reception room, kitchen, bedroom, bathroom/WC and finishes. The extent and cost of works are not specified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR is not supportable on the available evidence. The lease has only 28 years unexpired, and no lease extension terms, service charge, ground rent, lenderability information, refurbishment budget or reliable post-works valuation is provided. A 75% GDV refinance and cash-left-in calculation cannot be established.

Buy-to-Let Analysis

The supplied rental evidence is an advertised asking rent of £750 pcm, equivalent to £9,000 annually. This produces a headline gross yield of 180% against the £5,000 guide, but the calculation excludes modernisation, lease-related costs, service charges, other completion costs and the £2,700 administration charge. The 28-year lease may also restrict mortgage and BTL lender appetite. A meaningful net or sustainable BTL return cannot be established.

Flip Analysis

A flip appraisal cannot be reliably calculated. Although local completed sales range from £95,000 to £130,000, the comparability of their leases and condition is unknown. Works costs, legal-pack costs, selling costs and a subject-specific resale value are unsupported.

Investor Risks & Due Diligence

• Only 28 years remain on the lease; extension terms and costs are unknown.

• The supplied sold comparables are not confirmed to have equivalent lease lengths, condition, size or terms.

• The flat is stated to need modernisation, but no quantified works budget is available.

• The £2,700 administration charge is payable, while further legal-pack costs are unknown.

• The £750 pcm figure is an advertised asking rent rather than achieved rent and excludes operating costs.

• EPC is rated E.

Recommendation

Do not bid based on the guide alone. Proceed only after legal review confirms the lease position, costs and saleability, and after obtaining a lease-specific valuation and quantified modernisation budget.

Strategy Rating

Analysis Confidence

There is useful local sold-price and rental evidence, but the subject’s unusually short lease, condition costs, legal-pack terms and additional completion costs are unknown, preventing a reliable GDV, total-cost or maximum-bid calculation.