Whitehall Road is nice and close to Uxbridge. Sitting close to Uxbridge town centre near the civic centre and close to Brunel the road is a strong buy to let location. You won’t be short of a tenant in this location.
The two bedroom property is on the market for £225,000. Looks like a bargain with one beds often seen at £225,000. Looks like the agents are seeking £225,000 to £240,000.
Lease Extensions
Also the lease is short at 71 years. A look at the leasehold advisory service indicates the cost of extension could well be £12,000 to £14,000. Once a lease drops below 80 years the lease attracts an extra cost of marriage value, an increase due to a premium for the increased value in the flat which becomes payable to the landlord (that’s the freeholder rather than you who are the tenant).
You also need to have owned the property for two years (as registered at Land Registry) before you can apply for a lease extension. The ideal is to extend the lease where you can by the time the lease passes that 80 year mark.
For example here if you buy and extend the lease then by the time years have passed and you are entitled to extend the cost will have gone up by two thousand pounds so worth getting done sooner rather than later
The Property Itself
So the property has a lease issue, is in a good location. Viewings today – I would take a look. They seem to be keen to get a quick sale so might offer a good opportunity. But don’t be too rushed ever.
Belvoir Uxbridge don’t sell property, we are lettings specialists, but we do guide people based on our experience as to what might make a good buy to let property investment in the Uxbridge, Hillingdon, Hayes and West Drayton area. We don’t charge for this service but we would like to manage your property or help you find great tenants.
