Ready Made Deal

1 Bed Flat in Birmingham GONE

A flat in Birmingham for less than the lending threashold of some mortgage lenders, and a double digit yield? No, that is not a mis-type.

Many mortgage companies do not like to lend less than £50,000 because they just loose money. And you can own a flat for that much in Birmingham - if you are quick.

Rent it and you can achieve a double digit yield, a whooping 10.8% to be exact. Did you think that these yield aren't possible? Think again.

Property Details:

• 1 Bed flat in Birmingham
• Ex-council flat in council block.  now some are privately owned and some are still council.
• New bathroom and new kitchen fitted by owner. Redecorated throughout by owner.
• 100+ year lease
• £600/year service charge (i.e £50/month), £10/year token ground rent
• Reason for sale: owner emigrating to spain

Vendor has agreed to sell this property at 75% of its valuation price. The property is expecxted to be valued at £60-65,000. However this property was valued at £75,000 about 6 months ago by local estate agent.

Comparables:

• Survey not done yet.  Likely surveyor's valuation is 60-65k (estate agent valued it at 75k about 6 months ago).
• Purchase price is 75% of valuation (min valu to be no less than £60k, meaning that the falt can be potentially bought for £45k).
• Example mortgage outgoing at 4.69% fix: £176/month approx
• Rent: approx £450 per month (both private or council letting rates)
• Monthly positive cashflow: approx £224/month net of service charges!

We have exchanged contracts which will be assigned to the investor.

Location:
Just a few minutes from M42/M40. Only a few miles from Birmingham City Centre. Only a few minutes' walk from Maypole shopping centre.  

Important Notes

• Vendor to sell at 25% below the independent RICS valuation price (subject to a minimum selling price of £45k). 
• The deal can be structured with creative finance. 
• Investor may incur these expenses: 
  • Investor to pay own and seller's legals costs. If investor is to use any creative deal stacking scheme then those costs are additional (please ask for details). 
  • Valuation Survey 
  • Our Deal Fee: £2500 
  • • £500 payable upfront to reserve the deal (non-refundable if investor pulls out or can't complete within a reasonable timeframe) 
    • Rest of the deal fee on completion. 

If this deal interests you then submit your contact details below. We will contact you on first-come-first-serve basis.

 Terms and Conditions:

• If official valuation provided by the surveyor is lower than that stated above then we will refund your reservation fee in full. However due to time constraints and sellers’ wish to complete with minimal delay, we are able to refund this fee only if you decide to withdraw from the purchase within 24 hours of receiving the valuation figure. 
• Except in the case of receiving a lower valuation as stated above, we are unable to refund reservation and other fees paid upfront. 
• Our Deal Fees are payable in full on completion. 
• To cause least disruption to the seller, you may view the property but only after the valuation has been booked. 
• In respect of the costs you will incur that are not determined and administered by us, we have endeavoured to be as accurate as possible.  However these are subject to change at any time and may incur VAT where applicable. 
• We do not accept responsibility for any expenses or losses incurred by you. 
• The Market Value quoted is provided in good faith and will be confirmed by the lender's valuer. 
• No information presented in these particulars constitutes or forms part of a contract, with the exception of the stated terms and conditions. 
• BMV Club is not a licensed investment advisor or a licensed estate agent. 
• BMV Club is not authorised by the Financial Services Authority to provide investment or financial advice. 
• In paying the reservation fee you agree to these terms by default. 

To register your interest in this deal, please fill in your details below:

• Disclaimer:
  BMV Club, their directors, affiliates, officers, employees, agents, contractors, successors and assigns (herein "BMV Club") do not accept any liability for any investment decisions made on the basis of, arising out of, or in any way related to, the use of this information. The information and services provided by BMV Club do not constitute financial, investment or tax advice and should not be taken as such. BMV Club recommends you to obtain professional advice before proceeding with any investment. Whilst we take reasonable care to ensure that the information we provide is accurate and up to date, we cannot warrant that it is. Some products and services may be available at a lower or higher cost than quoted in this communication. If you would like a detailed mortgage illustration, please ask for a referral to one of our independent mortgage brokers. BMV Club promotes products and services specifically designed for use in the United Kingdom only.