Although this flat having a 43 year lease could be perceived as problematic, I’m a positive person and prefer to look at it as a great opportunity for an investor. “Normal” buyers will either be put off or unable to raise finance, so if you are a cash buyer or have a deposit in excess of 50%, you’ll find there is less competition to fight off for this one. My advice would be to take advantage!
http://www.rightmove.co.uk/property-for-sale/property-47984792.html
Once you have ownership, get that lease extended as soon as possible, or run it in conjunction with your conveyancing when purchasing, and you’ll have an asset worth a long way north of what you paid for it before you have even considered adding value with some simple, quick repairs and renovation.
In the short term, with two reasonably sized double bedrooms and nearby transport links at Clapham High Street (London Overground) and Clapham North (Northern Line) the property would achieve £350 per week in the current rental market, offering an attractive yield of around 6%.
It's worth noting that this property is also available via auction, set to take place on 3rd November 2014, with a guide price of £285,000. http://www.rightmove.co.uk/property-for-sale/property-32651850.html
Got your eye on a buy-to-let property? Thinking of buying, selling or letting? Why not ask my opinion with no obligation? Feel free to email me in confidence at kevin@xandermatthew.com or call me on 020 3397 2099.
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