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7/31/2019 68 Methuen Street
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PROPERTY INVESTMENT
PROPOSAL
2 BED MID-TERRACEWAVERTREE, LIVERPOOL, L15
Double Glazing
Good yield and strong tenant
demand
End value c.£85,000
Available at 23% discount
Vendor gone into Retirement Home
PHOTOGRAPHS
Front View
Photo album online: http://tinyurl.com/L151-
OWE-photos
THE DETAILS
Two bed terraced house in Wavertree, Liverpool,
L15. The property is in a very popular area with
high rental demand from professionals, families,
students and LHA tenants. The property needs
some minor refurbishment to realize its full market
value.
Property Description
The following have already been done:
• Rewired (8 years ago)
• Full UPVC Double Glazing (5 yrs ago)
• New Damp Proof Course (7 years ago)
• New roof (10 years ago)
The following works are required:Install central heatingUpgrade kitchenUpgrade bathroomRedecoration
Area Description
The property is situated in a very popular area,
close to local shops and amenities on Picton Road
and Smithdown Road , which also has excellent
transport links with good connections to Speke in
the South and the City Centre in the North.
The road has consists of mainly privately ownedand private rented accommodation houses and is
popular with working couples and families,
students and LHA tenants.
Map – click http://tinyurl.com/L151OWE-map
Lettings Information
The property would rent to a family for between
£475-495pcm. The LHA (local housing allowance)
rate is £500pcm
THE FIGURES
Basic Figures
Purchase:
£90,000 End Market Value
£64,000 Investor Price
£3,500 Essential Works
Rental:
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PROPERTY INVESTMENT PROPOSAL
£500 Single let
Profile Student, working, DSS
Demand High
Mortgage Example:
Product
Product: 2 yr fixed1
Rate: 4.80%
Mortgage: £48,000
Monthly Payments: £192 pcm approx
Deposit: £16,000
3rd Party Costs:
Mortgage Broker: £395 (approx.)
Mortgage Valuation: £350 (approx.)
Package Fee:
Buyer’s legal fees: £900
Vendor’s legal fees: £500
Finders Fee: £995
Total £2.395 *
Total Investment:
(Deposit + Package Fee) £23, 020
Investment Key Facts:
Gross Yield 8% single let
Cashflow2 + £308 pcm (single let)
Day One Equity: £26,000 (25% BMV)
Refurbishment Info
The following works are required:Install central heatingUpgrade kitchenUpgrade bathroomRedecoration
Due Diligence
1 Mortgage example for illustration purposes only*Payable within 7 days of successful valuation2 Excluding voids and repairs.
The investor who reserves the property will be
given the following Due Diligence Pack:
• Full Hometrack report on all comparable
nearby properties, showing both sale and
remortgage valuations.
• Private RICS valuation report
• Other information we have gathered from
local sources
Viewings
Viewings can be difficult for various reasons.
Please see the FAQ page on our website. Upon
successful mortgage
How To Buy This Property
If you are interested in proceeding with this
property deal, the next steps are:
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PROPERTY INVESTMENT PROPOSAL
1. You must a registered property investor. To
register please complete an Investor Profile
form and a Non-Disclosure Agreement,
available upon request.
2. If you wish to receive the full Due Diligence
Pack (see DD section) and the full propertyaddress, please pay the refundable
Reservation Fee.
3. Cooling off period: You will have a further
24 hours to undertake your own DD. You
can withdraw from buying the property if
you request to do so within this 24 hour
period, and your Reservation Fee will be
returned without question by same day
transfer.
4. Beyond this period, you will receive a fullrefund if the property downvalues or the
vendor withdraws. Your Reservation Fee is
refunded upon completion.
5. For a full list of Terms & Conditions, please
see our website www.invest-bmv.com. If
you wish to proceed with this property deal,
you agree to our T&Cs as laid out on our
website.
Purchase Process Overview
There are several steps prior to completion, below
is a basic overview. For more details, please check
our website.
1. Within 48 hours of accepting a property,
you apply for a mortgage. We prefer you to
already have had a mortgage ‘decision in
principle’ (DIP) – call us to discuss if you
want to arrange this in advance.
2. Within 7 days you should have submitted
the full mortgage application.Simultaneously, you will need to register
with a solicitor, including all initial
documentation and ID, and pay a retainer
for legal searches. They hold onto this
money pending a successful mortgage
valuation result.
3. Once the mortgage valuation comes back
successfully, you instruct your solicitors to
begin the conveyancing and get legal
searches underway.
4. During the conveyancing process, please
liase closely and quickly with the solicitorsto ensure a quick timeframe – remember,
you are only getting a good deal due to
someone elses difficult circumstances.
5. Upon successful mortgage offer, we
normally complete within a few weeks. You
will need to send over the mortgage deposit
and legal fees to the solicitors.
6. Once the mortgage offer is made, we can
begin arranging quotes for works and
advertising the property to let, should youwish our assistance. We can often get
tenants in place before completion.
7. Upon completion, we arrange for keys to go
to the nominated letting agent and you will
liase with them regarding lettings and
works.
Legal Notice
Property Misdescriptions Act 1991 "It should not be
assumed that the property has all necessary planning, buildingregulation or other consents and we have not tested anyapparatus equipment, fixtures, fittings or services, and can notverify that they are in working order, fit for their purpose, orwithin ownership of the sellers, therefore the buyer must notrely on the information. Neither have we checked the legaldocumentation to verify legal status of the property. Anyinterested party must not assume the information is correctuntil it has been verified by their own solicitor. Anymeasurements supplied are for general guidance only and assuch must not be relied upon. Any interested party is advisedto re-check the measurements before committing themselvesto any expense. Nothing concerning the type of construction orthe condition of the property is to be implied from thephotograph(s) of the property. The sales particulars maychange in the course of time, and any interested party is
advised to make a final inspection of the property prior toexchange of contracts".
Misrepresentations Act 1967 "The property details havebeen prepared as a general guide only, and should not berelied upon as a basis to enter into a legal contract, or tocommit expenditure. We are not authorised to make or giveany representations or warranties in relation to the propertyeither here or elsewhere, either on our own behalf or on behalfof the vendor or otherwise. Any interested party should relysolely on their own surveyor, solicitor or other professionals’advice before committing themselves to any expenditure or
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PROPERTY INVESTMENT PROPOSAL
other legal commitments. If any interested party wishes to relyupon any information from us then a specific written requestshould be made and specific written confirmation can beprovided. We will not be responsible for any verbal statementmade by any member of staff as only a specific writtenconfirmation from a duly authorised member of staff should berelied upon. We will not be responsible for any loss other thanwhere specific written confirmation has been supplied by aduly authorised member of staff".
Money Laundering Regulations 2007 "We have in placeprocedures and controls which are designed to forestall andprevent Money Laundering. If we suspect that a supplier,customer/client or employee is committing a MoneyLaundering offence as defined by the Proceeds of Crime Act2002 we will, in accordance with our legal responsibilities,disclose the suspicion to the Serious Organised Crime Agency(SOCA)".
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