Talbies are pleased to present this unique opportunity to purchase a newly refurbished, 17 bedroom HMO property PLUS 2 bedroom detached bungalow
Situated only 5mins walk from Bedford Station and only 10mins walk from Bedford Town Centre, this stunning former hotel is perfectly positioned for local workers. Plus with Bedford growing as a commuter town due to its great links to London and surrounding areas, the rental market here is strong!
The main building itself boasts 5,635sq ft and currently consists of 17 bedrooms (ALL EN-SUITE); 6 of these being fully self-contained with kitchenettes. There are 2 large communal kitchens plus an additional tea room, 2 laundry rooms and all of this sits on a large plot that also provides ample parking and further development potential. Within the plot also sits a coach house as well as a detached 2 bed bungalow with private garden.
Remuneration:
Currently, whilst fully occupied, the properties generate £122,000pa (not including parking that can be charged for)
Development Potential:
Planning permission has already been sought and granted for:
Converting the bungalow into 5 x 1 bedroom flats
Converting the coach house into a standalone 2 bedroom maisonette
Converting 1 laundry room into another self-contained studio
Approx. additional revenue from the above would be £60,000pa
There is also approval for change of use to C1 usage (short let), if desired.
Tenure : Freehold
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
| Tax Band | % | Taxable Sum | Tax |
| less than £125k | 0 | ||
| £125k to £250k | 2 | ||
| £250k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
| Tax Band | % | Taxable Sum | Tax |
| less than £125k | 3 | ||
| £125k to £250k | 5 | ||
| £250k to £925k | 8 | ||
| £925k to £1.5m | 13 | ||
| rest over £1.5m | 15 |
| Tax Band | % | Taxable Sum | Tax |
| less than £300k | 0(2/5)* | ||
| £300k to £500k | 5 | ||
| £500k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |