7 Jan

Two bedroom apartment in West Derby for under £70,000

Rye Grove, L12

Now that Christmas feels like a faint memory, 2016 is well an truly here, I’m now actually starting to worry about how many weeks are left until April 2016 and the dreaded additional stamp duty that is being introduced.

Anyway, it now looks as though a few more properties are coming available and I’ve come across a good two bedroom apartment in West Derby that is currently available for just under £70,000 from Sutton Kersh. It is located on Rye Grove and I have many years of experience of renting out properties in this development and have always found it a very popular development with tenant as well as them living in the property for many years.

The apartment in question is located on the ground floor which makes it perfect for the more mature tenant who may find stairs tricky to manoeuvre. The apartment looks clean and tidy and should be ready to let out immediately for a rent of between £450 and £475 although the bathroom and kitchen could do with modernising but not essential makes this a good deal.

The lease runs for 125 years from 1990 leaving it with 100 years left and has a small ground rent payable of £20 per annum and a service charge of £80.63 per month. Although the management fee of £80.63 is a little high, it is complemented with a lower ground rent so this balances it out.

If you could pick this up for £65,000 then this would give a gross yield of 8% if rented at £450 per month and would generate a net yield of 6.8% after the service charge and ground rent is deducted.

Click here to see the property and as always I welcome any comments about the property or about my blog.