MILTON KEYNES portfolio sale

Another small portfolio for sale, TENANTS IN SITU, this time situated within the sought after Westcroft area to the south-west of Milton Keynes. Vendor is buying abroad and freeing up funds!

All two bedrooms with ensuite, service charge approximately £1,100 PA and leases with 115 years remaining. Built in 2005 and all benefiting from double glazing, gas central heating and allocated parking for one car.

The Northampton portfolio we mentioned recently disappeared in a week! Be quick if Milton Keynes whets your appetite!

Address	Furnished	Floor	Asking Price	Current Rent
Berrington Grove, MK4 4FB	U	G	£170,000	£650.00
Berrington Grove, MK4 4FB	F	1	£170,000	£695.00
Berrington Grove, MK4 4FB	U	1	£190,000	£775.00
Berrington Grove, MK4 4FB	U	G	£170,000	£650.00
Berrington Grove, MK4 4FB	U	2	£180,000	£795.00
Berrington Grove, MK4 4FB	U	2	£170,000	£725.00

Tenanted HMO - Far Cotton - No License Required - £165k

A different type of investment here and one that offers an impressive return of 8.4%. Key features are:

• A House in Multiple Occupation (HMO) in Far Cotton, Northampton
• Currently 4x lettable rooms over 2 floors bringing in £13,920 with the potential to increase.
• This HMO falls outside mandatory licensing (on the number of floors) and outside discretionary licensing (on area).
• It's in Far Cotton - a short walk from the new University Campus. 
• Asking price of £164,995

The property offers a decent return already, but the passing rents of £290 per month are LOW in the current market. The property is tired, but with modest improvement it would be possible to get the rent to £350 per room (without really trying) - a 10% return. 

richard.baker@belvoir.co.uk

Northampton, 1 bed apartment, £84,995, tenanted at £525, 7.4% RETURN

It's a pre-Christmas cheapy, but one that's very well located, and very rentable. It's a 1 bed apartment, very close to town - 5 mins to the town centre and 5 mins to the hospital - parking for 1. 

Works inside are nominal, and this will let for £525 very quickly (decent tenant), so it's ideal for an investor who's on a budget and doesn't want to end up in one of the poorer areas of town. 
Any questions, please ask! richard.baker@belvoir.co.uk 

APARTMENT IN BILTON, RUGBY (NICE AREA!), £129,000

I've been approached by an investor who will be selling their 2 bed apartment in Bilton as they now live outside the UK. This is already tenanted at £625, with annual charges of about £750 and 115 years on the lease. Asking price of £129,000.

This is a popular rental location in Rugby, south of the town centre and right next to Bilton Village which has a range of shops and amenities. The flat has been rented from new - never vacant for more than a few days at a time. It's clean, modern, and attracts good quality tenants. A very easy investment if you like things low hassle and fairly 'safe'. 

With the recent stamp duty changes, there's massive activity in the market at the moment - the real issue is going to be whether solicitors can deal with transactions by end March. If you are interested please make sure you email me quickly at richard.baker@belvoir.co.uk.

PORTFOLIO SALE - modern tenanted apartments

Prices from £117,000 - rents from £600 to £700

We've been instructed on the sale of 13 flats in the Northampton area. These are at various locations in town. The reason for the sale is marital breakdown. We have sales agreed on 2 already for this morning and expect the whole lot to go fairly quickly even though it's a quiet time of year. These will appeal to investors who value a nice looking property in a decent area that should prove to attract decent tenants and be fairly low maintenance. They are all LEASEHOLD with details as follows:

• modern (about 10 years old) 2 bed apartments.
• all in good internal order and well maintained by the current owner.
• all come with good quality private tenants already in.
• all with over 110 years remaining on the lease and annual charges of about £1000 per annum.
• predominately in the SOUTHBRIDGE area of town - VERY close to town, VERY easy to rent, and VERY close to where the university is shortly relocating. 
• available as singles or multiples but priced to sell so a discount for multiple purchases is unlikely.

Typical apartment pictures are below. If you're interested please contact me quickly at richard.baker@belvoir.co.uk 

FREEHOLDS - these are worth a further look - WILL GO QUICKLY

The most in demand properties from investors are cheap freeholds. In the current market a lot of these don't get advertised, but I've had a trawl through and pulled out some that look of interest. I'm unsure if they are still available, but all are sensibly priced and would rent well. If you're out of area and want me to view, let me know. If you have questions, please ask me. richard.baker@belvoir.co.uk

http://www.rightmove.co.uk/property-for-sale/property-56241452.html

This isn't in the best area of town, but is a cheap freehold property that will sell very quickly. It will rent quickly too - £575 would be a sensible figure here.

I suspect it needs some upgrading - maybe a few thousand - but it's still cheap relative to what is available in the current market - you can not usually buy freehold at this price.  

http://www.rightmove.co.uk/property-for-sale/property-54182540.html

This is cheap too. The good thing about this is it's pretty clear it needs everything doing - a £15,000 spend and it will like new - and because we're factoring in everything there's no potential for nasty surprises. We could easily sell this for £135,000 once done, so there's already a bit of margin for the purchaser - not a huge amount, but more than you get on any other property. I like this sort of thing myself because even though there's 2-3 months of dead time at the start, once I'm done everything is brand new and guaranteed. It will rent for min £600 once done, and we're probably looking at £650.

http://www.rightmove.co.uk/property-for-sale/property-56231510.html

Something going on here! This clearly needs some improvement in places but it's worth WAY over £115,000 unless I'm missing something - and it's in a London Property Auction. Usually I'd expect this sort of thing to be a repossession, but this one clearly isn't from the marketing photos. Equally, it may be advertised low with the intention of filling the room and selling it high, but even so why would this type of property go to auction anyway, given than it should easily sell for good money privately? Requires further investigation, and the agent was not forthcoming. If it's falling down, or that extension is illegal, that would explain it. But pull the extension down and you still have £140,000 of property, so that shouldn't be a factor either. As you'll realise I haven't investigated this as I don't have a good contact at that agency, but if you fancy putting in some legwork, feel free to investigate yourselves.

www.rightmove.co.uk/property-for-sale/property-56152922.html

A dead easy renter at min £625 and a modern property too that should need little in the way of updating. Clearly decorated to suit the current occupiers tastes and may need toning down a bit, but that should be it. A no brainer, and not stupidly priced either. 

Spending Review 2015 : Who is buying before April?

Mr Osborne is not proving to be the friend of the buy-to-let investor! You will have read in the national media that, whilst full details are still emerging, it's looking like from April 2016 investors will need to pay at least 3% in stamp duty when they buy an investment property.

In Northampton, most investment purchases are currently under £150,000. At that figure 3% would be £4500.00 - in fact it will be more than this due to stamp duty banding. It's a fairly significant sum of money and we feel this policy WILL affect people's investment strategies. Currently, the major buyers of properties under £150,000 in Northampton are investors - Mr Osborne is clearly trying to change that trend. 

When announcements like this are made, there's always a fair bit of panic / scaremongering as to what the outcome will be (see the Daily Mail). Will it cause property prices to drop? Will it stem the flow of investors entering the market? Will it mean rents increase? We often find with announcements like this that the effects aren't as significant as was first thought - time will tell.

What certainly is happening (and I can tell this by the number of emails I've received in the last 48 hours) is that many people are looking to buy BEFORE the new stamp duty rules come in in April. That doesn't leave much time and means December and January (which are traditionally quiet) are already looking like they will be quite busy. If you want to aquire something before April, you really need to tie up a deal in January - and if you choose the wrong conveyancer you still won't make it in time. 

If you are looking to buy before the new stamp duty rules come in, please send me an email to richard.baker@belvoir.co.uk - even if you think you're on my radar already. We will be working extra hard over the coming months to find properties for investors who are keen to meet this time frame, but it's important to understand which of our investors consider April to be a deadline they need to meet so we can plan accordingly.

NOW SOLD - SOUTHBRIDGE, Modern Apartment, over 6% return, £105,000

A nice little 1 bed apartment here, a short walk from the town centre and ideally located for all the amenities of Northampton including the new university campus which will shortly relocate 200 yds away. 
We've had this place rented for a number of years and the void periods are as close to zero as any property we have on our books. It's a ground floor 1 bed - a decent size - and currently rented at £550pcm, so it is being sold with TENANT IN SITU. That's a decent return of over 6% without compromising on the area you're buying in. The lease has 113 years with annual charges of £950.

email me if interested - richard.baker@belvoir.co.uk 

VOID PROPERTY, ABINGTON, Niche Purchase, Stylish Detached Property

It's not often you get a detached 2 bed in Abington (with garage) full stop. Whilst it's arguably the most upmarket Victorian area in Northampton, the housing stock is mainly terraced properties which rent really well. 
There is the odd detached property around, and some with garages too. Here's one that's sold recently for £200,000 with another agent - this sort of thing will rent for £750 in the current market without any trouble. 

We may have another (nicer) one coming up soon - a little more of a modern conversion than this one - and priced around £170,000. Again it will rent for £750. It's a niche purchase but one that puts the buyer in the right part of town and at the right end of the market. I've a couple of people interested already, but let me know if you want a call when this property comes to market. 

richard.baker@belvoir.co.uk

NOW SOLD, ABINGTON EAST - £120,000 for a 3 bed FREEHOLD

I speak to a lot of investors who want FREEHOLD properties on a budget! These aren't easy to find in the current market unless you're happy to pay £135k+ for a Victorian Terrace around town. 

But something like this - http://www.rightmove.co.uk/property-for-sale/property-36983148.html - is worthy of consideration - this property has now been reduced to £120,000 by the selling agent and is a good buy for that money.

Clearly it needs some improvement - a new bathroom for starters - but we'll have that done in a week, and this will rent for AT LEAST £625 per month offering a good initial return with no service charges. It will appeal to people who are able to look at the figures rather than the beauty of the building!

NOW SOLD, FAR COTTON, 2 bed HOUSE, £145,000

The market continues at pace with many properties selling before I get the chance to blog about them! 
Here we have a 2 bed house in FAR COTTON which will be on the market imminently at £145,000. It's in good order - ready to rent - and will achieve at least £675 per month in the current market. It will be one of those that sells more or less immediately so if you're not available to view this weekend, it's probably not one for you!

richard.baker@belvoir.co.uk if you're interested.

Will rent for £675PCM - guaranteed	Great location - walk to town / station / etc
Freehold House in Very Good Order	Viewings this weekend - not yet marketed.

SOLD 6% in St James - Nice Freehold 2 bed House

We've been instructed on this 2 bed FREEHOLD house in St James that's literally 5 minutes walk from the mainline station. 

Tenanted @ £675 per month	Initial Return of 6%
Freehold House in Very Good Order	TENANT IN SITU PURCHASE

It's been rented by ourselves for a number of years and has had almost zero void periods. Internally it's in perfectly good condition - no work required.
richard.baker@belvoir.co.uk if interested.

SOLD - ABINGTON - nice 2 bed house - tenanted - £147,500

This is a nice one - a 2 bed house in Abington (and it actually is Abington!) that's already tenanted at £650 per month. The house is in good order and will be coming onto the market at £147,500 soon! Clearly this is one of the nicer Victorian areas of town and is priced accordingly. 

SOLD! £80,000 apartment with 7%+ return

We've just been instructed on this 1 bed apartment which needs a nominal spend to get it tenantable, and with rent thereafter for £475 - an ideal opportunity if you're shopping on a budget!

110 years remaining and charges of £650 per annum which is quite low for a freehold. It will be advertised tomorrow if it doesn't sell today!

It's actually in a half-decent area of town too - not an area where we struggle for tenant quality - this will rent EASILY!

richard.baker@belvoir.co.uk 

SOLD Freehold 3 Bed Terrace, £725 rent and £145,000 - The Mounts, Northampton

Lovely freehold opportunity offering 6% returns - 3 bedroom end of terrace in The Mounts, close to the town centre in Northampton. Will rent for £725 PCM to a quality working tenant.

Decor will probably need neutralising but there is a decent kitchen and bathroom.

Any queries please ask.

For full details please click this link, contact the selling agent directly for viewings:
http://www.zoopla.co.uk/for-sale/details/36239715#kAGVCEDmCee32VUo.97

SOLD Over 7% for £115,000 - A 2 bed TENANTED apartment

After a quiet few weeks - where there's been literally nothing worth blogging about - we're starting to see a few things come to the market which will be of interest to investors. 

This is one such - a 2 bed apartment at the quality end of the market that's tenanted already at £700 and sold with the tenant in situ. Advertised at £118,000 - we believe £115,000 may clinch the deal.

We've had it rented for a number of years and a number of tenancies. It's never been empty for longer than 7 days. 

Purchase Price	£115,000	Headline Return	7.3%
Rent	£700.00	Return after Service Charges	6.3%

• Lease 117 years. Charges of £94 per month - so still a 6.3% return after charges. 
• Note that this is a FURNISHED apartment. About £50 per month of rent relates to the furniture - so you need to maintain the furniture or accept the rent will drop when the furniture goes!

richard.baker@belvoir.co.uk if you're interested please.

SOLD KINGSTHORPE, Freehold, £110,000 - 6% return

This isn't going to win any prizes for the beauty of its architecture but it's got good figures compared to what else you can buy in this price range currently.

Purchase Price	£110,000	Headline Return	6.0%
Rent	£550.00	Service Charge	ZERO

It's a 2 bed HOUSE with garden in the Newnham Crescent area. I haven't seen it, but it looks to be in perfectly tenantable order - windows and doors may need looking at but seems fine that apart. It will rent quickly too - we've just rented a similar one just round the corner in 48 hours at £575 which is higher than the price quoted here. Tenant quality was OK too.

richard.baker@belvoir.co.uk if you're interested.

SOLD Modern 2 bed house with garage, £130,000 - £650 - 6%

This will sell more or less immediately - a 2 bed house with garage - modern - in very good internal order requiring little if any work. We'll rent this for £650 without any trouble to a decent quality tenant. 

See the property here - http://www.zoopla.co.uk/property-history/6-ixworth-close/abington/northampton/nn3-8tw/36544315

Purchase Price	£130,000	Headline Return	6.0%
Rent	£650.00	Service Charge	ZERO

I'm advised it's fallen through on a mortgage and is holding up a chain - so although it's advertised higher, £130,000 may be feasible to buy it - a great buy in the current market.

Contact me super quickly if you're interested. If you're not around to view today / tomorrow there's probably little point! If you're registered with me to purchase for you, I can view it for you later today.

richard.baker@belvoir.co.uk

SOLD FAR COTTON, 3 bed house, £130,000, £675 rent

Another good buy for someone that's quick! This is a 3 bedroom Victorian terrace in Far Cotton - that's the area adjacent to where the new university is moving. It needs a bit of money spending - about £3,000 - and I understand it can be bought for between £127,500 and £130,000. It would be worth £140,000 TODAY if the presentation was better. 

The house is currently tenanted and the presentation isn't that good. As such if that sort of thing puts you off, don't bother viewing! But there doesn't seem to be anything actually WRONG with this house, so once the tenant has gone and some decoration and recarpeting has taken place, it will be fine - we could turn this property round in 2-3 weeks. 

STANDARD DOMESTIC OPTION
Once done it will rent privately (whole house) for £675PCM minimum - that's a 6.2% return. Good tenant quality in that area - we have lots rented there already.

Purchase Price	£130,000	Headline Return	6%+
Rent	£675.00	Updrade Cost	£3000

STUDENT OPTION
If you like HMO properties, there's an option to turn this into 4 lettable rooms - no planning restrictions here. That should generate a return of 10.5%+.

Purchase Price	£130,000	Headline Return	10.5%+
Rent	£1200.00	Updrade Cost	£6000

Again please get in touch quickly - if you're not around today / tomorrow there's probably not much point. richard.baker@belvoir.co.uk