Flat A, 44 Filey Avenue, London, N16 6JJ

Description

By order of a major housing association. Long leasehold ground and lower ground floor self-contained garden flat requiring updating. Full vacant possession.

Accommodation

Approx. 82m2 / 884 sq ft. Ground floor: entrance hall, one bedroom, reception room, kitchen, bathroom/WC and utility room. Lower ground floor: storage rooms. Outside: rear gardens.

Location

Situated on Filey Avenue, well positioned for the amenities of Stamford Hill, Springfield Park, Clapton and Hackney. Transport options include local bus routes, rail connections via Stamford Hill and Clapton, and road links via the A10 and A406 North Circular.

Tenure / Property Information

Investment Analysis

The supplied HM Land Registry evidence comprises five sales on Filey Avenue ranging from £343,000 to £850,000, including repeated sales of the same addresses. The relevant property characteristics, sizes, condition and sale circumstances are not supplied, so the comparability of these transactions cannot be established. The £410,000 guide is close to the latest supplied £403,000 sale for 38C but is above its earlier £343,000 sale; the higher £820,000 and £850,000 sales of 64 may represent materially different accommodation or specification. A reliable GDV, refurbishment allowance or maximum bid cannot therefore be supported from the evidence provided.

Investment Snapshot

Strategy Recommendation

Do not bid on financial assumptions alone. Obtain the legal pack, inspect the property, obtain a local valuation and price the required updating before considering the lot. Proceed only if the verified GDV and works budget leave an acceptable margin at or below the guide.

Works Required

General updating is required, but no specific defects, specification or scope are supplied. Confirm the condition of the kitchen, bathroom, finishes, services, lower-ground storage areas, windows, garden and EPC-related items before budgeting. The legal pack should also confirm the new lease terms and property rights.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be reliably calculated because GDV, refurbishment cost, rent and refinance value are unsupported. The proposed 990-year lease at a peppercorn ground rent is stated, but the remaining lease information is awaited and must be checked in the legal pack.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property is vacant, but achievable rent, operating costs and finance costs remain unknown. The £1,800 buyer administration charge is known; potential seller charges are not quantified.

Flip Analysis

A flip appraisal cannot be supported. Although completed sales on the same avenue are supplied, the wide £343,000–£850,000 range and lack of comparable size, condition and specification data prevent a reliable resale GDV or surplus calculation. Updating costs, selling costs and any applicable seller completion fees are also unknown.

Investor Risks & Due Diligence

• Lease information is otherwise awaited and must be checked in the legal pack.

• The property requires updating, but the extent and cost of works are unknown.

• No sufficiently specific rental evidence or auctioneer rent estimate is supplied.

• Same-street sold evidence varies substantially and lacks comparable property specifications.

• An additional seller fee may be payable on completion, but its amount is not supplied.

• The £1,800 inclusive-of-VAT buyer contract documentation fee is payable in addition to the purchase price.

• EPC is rated D.

Recommendation

Do not bid on financial assumptions alone. Obtain the legal pack, inspect the property, obtain a local valuation and price the required updating before considering the lot. Proceed only if the verified GDV and works budget leave an acceptable margin at or below the guide.

Strategy Rating

Analysis Confidence

The evidence confirms the property description, guide, tenure, vacancy, approximate size and administration charge, but lacks lease detail, condition scope, rental evidence, comparable specifications, GDV support, works costs and quantified seller fees.