2 Bed Flat, Single Let, Louth, LN11 7WA, £119,500

3, Forlander Place, Louth, Lincolnshire LN11 7WA - 9 months ago

Sold STC
Leasehold
BTL
~53 m²
+15 photos

ValuationOvervalued

Sold Prices£60K - £215K
Sold Prices/m²£1.4K/m² - £2.4K/m²

 

 

Square Metres

~53 m²
Price/m²£2.3K/m²

Value Estimate

£89,715

Cashflows

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£29,875

Stamp Duty & Legal Fees

£7,175

Total Cash In

£37,050

 

 

Cash Out

 

Rent Range

£425 - £875

Rent Estimate

£483

Running Costs/mo

£490

Cashflow/mo

£-7

Cashflow/yr

£-84

Gross Yield

5%

Local Sold Prices

20 sold prices from £60K to £215K, average is £110K. £1.4K/m² to £2.4K/m², average is £1.7K/m².

PriceDateDistanceAddressBeds 
£82K12/200 mi1, Forlander Place, Louth, Lincolnshire LN11 7WA2
£104K06/230 mi4, Forlander Place, Louth, Lincolnshire LN11 7WA2
£92K06/210.15 mi13, Mallard Ings, Louth, Lincolnshire LN11 0FD2
£98K03/230.15 mi13, Mallard Ings, Louth, Lincolnshire LN11 0FD2
£110K11/220.15 mi11, Mallard Ings, Louth, Lincolnshire LN11 0FD2
£113.5K03/220.19 mi8, Canal Close, Louth, Lincolnshire LN11 0FH2
£107K03/220.19 mi8a, Canal Close, Louth, Lincolnshire LN11 0FH2
£144K10/210.3 mi2a, Brackenborough Road, Louth, Lincolnshire LN11 0AE2
£115.5K01/220.4 mi2, James Court, Louth, Lincolnshire LN11 0JY2
£117.5K03/210.41 mi10, James Court, Louth, Lincolnshire LN11 0JY2
£112K04/210.41 mi3, James Court, Louth, Lincolnshire LN11 0JY2
£120K01/210.46 mi65, Mount Pleasant, Louth, Lincolnshire LN11 9DW2
£80K03/210.52 mi8, Spring Court, Louth, Lincolnshire LN11 9PR2
£129K11/230.52 mi2, Spring Court, Louth, Lincolnshire LN11 9PR2
£110K03/230.57 mi23b, Northgate, Louth, Lincolnshire LN11 0LT2
£105K02/220.62 mi15, Northgate Court, Louth, Lincolnshire LN11 0LZ2
£85.5K06/230.67 mi91, Aswell Street, Louth, Lincolnshire LN11 9HW2
£120K08/230.72 mi199, Newmarket, Louth, Lincolnshire LN11 9EJ2
£60K08/210.74 miTop Flat, 54, Upgate, Louth, Lincolnshire LN11 9EX2
£215K06/210.82 mi4a, School House Lane, Louth, Lincolnshire LN11 9AQ2

Local Rents

32 rents from £425/mo to £875/mo, average is £600/mo.

RentDateDistanceAddressBeds 
£55005/240.03 mi3 Waterside Mews Eastgate Louth LN11 8DD2
£60012/240.05 miOld School Court, Eastfield Road, Louth2
£62505/240.08 miCommercial Road, Louth2
£65006/240.27 miParsons Halt, Louth2
£62506/240.29 mi7 Newbridge Court Newbridge Hill Louth LN11 0NQ2
£55004/240.3 mi-2
£62505/240.31 miRamsgate Louth LN11 0NE2
£59505/240.31 miBridge View, Ramsgate, Louth. LN11 0NE2
£60003/250.32 mi-2
£65005/240.33 miPriory Road, Louth2
£69505/240.36 miHarveys Lane, Louth. LN11 8BP2
£56512/240.38 miJames Street, Louth2
£87506/240.39 miMonks Dyke Road, Louth2
£55006/240.39 miLeakes Row, Louth2
£65012/240.41 mi-2
£80005/240.44 mi18 Conker Grove Louth LN11 7BY2
£67505/240.46 miPlover Grove, Louth, LN112
£67501/250.46 mi-2
£74512/240.46 mi-2
£57505/240.46 miEastgate, Louth, LN112
£57505/240.46 miEastgate, Louth, LN112
£77503/250.5 mi-2
£49505/240.54 miChurch Street, Louth, LN11 9BZ2
£57505/240.55 miKidgate, Louth2
£65006/240.55 miKidgate, Louth2
£55012/240.55 mi-2
£57505/240.57 miNorthgate Court2
£57505/240.57 miNorthgate Court2
£62505/240.58 miThe Gatherums, Queen Street Place2
£42505/240.6 miEastgate, Louth2
£42506/240.6 miEastgate, Louth2
£54503/250.61 mi-2

Local Area Statistics

Population in LN11

28,179

Population in Louth

28,197

Town centre distance

0.59 miles away

Nearest school

0.20 miles away

Nearest train station

13.29 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+12%

Sales demand

Buyer's market

Capital growth (5yrs)

+9%

Property History

Price changed to £119,500

February 12, 2025

Listed for £122,500

July 19, 2024

Floor Plans

Description

  • Ground floor apartment - ideal for 1st time buyers or iinvestor. +
  • Close to the canal and Woolpack Inn +
  • Off street parking, communal lawned gardens +
  • Leasehold - 950 year lease from 2001 +
  • Gas CH system, new boiler around 2 years ago +
  • 2 double bedrooms, refurbished modern shower room +
  • Good size din-lounge, ent lobby and inner hall +
  • Breakfast-kitchen, DG windows +
  • Intercom entry into communal hall +
  • For sale with NO CHAIN +

Ideal for first time buyers or investors and enjoying easy, level access with off street parking space, this ground floor purpose-built apartment is located in a modern three storey building. The property is positioned close to the re-developed canal side area of Louth just a few paces from the Woolpack Inn and has gas central heating with a recently renewed boiler, and double-glazed windows. There are two good-size bedrooms, dining-lounge, breakfast kitchen and shower room all accessed off an inner hall with entrance lobby from the secure communal hallway with intercom entry. For Sale with NO CHAIN. Leasehold on a 950-year term from 2001.
The property has been let in the past producing a gross annual income of £5,800. 

Directions From St James Church in the town centre, travel south along Upgate and take the second left turn onto Mercer Row. Follow the road through the town centre keeping ahead at the small junction and then, at the second mini roundabout by the Morrisons store, take the first exit along Ramsgate. At the next mini roundabout take the second exit along Ramsgate Road, follow this for some way and round the right bend by the Woolpack Inn. The entrance to Forlander Place is then on the right as shown in our first image. 

About this Apartment.... Apartment 6 is positioned on the first floor within the southernmost of the two Forlander Place buildings and to the west end of the building with ground floor entrance on the north elevation. The rear windows face the River Lud which passes through the communal grounds. The apartment has new floor coverings, a fully refurbished contemporary shower room, newly decorated interior and the central heating boiler was renewed around 2 years ago. 

Accommodation (Approximate room dimensions are shown on the floor plans which are indicative of the room layout and not to specific scale)

The property is approached through an entrance on the north side of the building where a part-glazed (double-glazed) door and double-glazed window adjacent, leads into the: 

Communal Hallway With staircase having spindle balustrade leading up to the first floor and second floor flats and the only door on the ground floor is the main entrance into flat number 3. This comprises a white, six-panel door into the: 

Entrance Lobby With ceiling light, coat hooks to wall plaque and a further white, six-panel door to the: 

Inner Hallway With two ceiling lights, smoke alarm and white, three-panel double doors to a deep built-in cloaks/storage cupboard with clothes hanging rail and three wall shelves. White, six-panel doors lead off to the bedrooms, bathroom and: 

Dining Lounge A spacious, well-proportioned reception room with radiator, digital central heating programmer, telephone point and TV point. There are two double-glazed windows on the north elevation and a further connecting six-panel door to the: 

Breakfast Kitchen With a range of units finished in cream with contrasting doorknobs and comprising base cupboards and drawers, tall cupboard unit with shelving, wall cupboards and roll-edge, granite-effect work surfaces with ceramic-tiled splashbacks.

Stainless steel single drainer sink unit with lever mixer tap, space for under-counter refrigerator and freezer, recess with plumbing adjacent for washing machine or dishwasher and double-glazed window with blind on the south side. Wall-mounted Ideal gas-fired combination central heating boiler (approximately 2 years old) and smart meter display unit.

The electric cooker has been in place for some time but can be included in the sale if the purchaser wishes or if preferred, the owners will remove this prior to completion. Above the cooker recess there is a cooker hood with an inset light. Oak-effect vinyl floor covering, ceiling light, smoke alarm, radiator and an additional work surface section has been left to re-instate this, where it has been removed for an upright fridge/freezer to be positioned in the corner. 

Bedroom 1 (front) A good size double bedroom with radiator, double-glazed window on the north elevation and high-level electricity consumer unit with MCBs.  

Bedroom 2 (rear) A smaller double bedroom or good size single bedroom with radiator and double-glazed window on the south elevation.  

Shower Room Fully refurbished with a white suite comprising a low-level, dual-flush WC, a Grohe bracket wash hand basin with a Roca lever mixer tap and a wide, splash-boarded shower cubicle with a chrome thermostatic shower mixer unit, handset and rail, a stepped, glazed screen and splash-boarded plinth to one side. Oak-effect vinyl floor covering, radiator, mirror-fronted wall cabinet and light-operated extractor fan. Two ceiling downlighter spotlights and double-glazed window with ceramic-tiled sill on the south side.  

Outside The Forlander Place buildings are enclosed by lawned communal gardens which extend along the banks of the River Lud in part. There are spacious parking areas within which the property owner is able to park a single car.  

Tenure A summary is provided below but a PDF copy lease document can be emailed on request when received from the sellers' solicitor. Leasehold - the property is held on a 950-year lease from 1st January 2001. The lease states that the rent payable is £30 p.a. for the first 33 years, £60 p.a. for the following 33 years and £90 for the remainder of the term. The rent is payable each year in advance on the 1st January.

There is a service charge payable on 1st January and 1st July each year and the annual cost is currently around £900 p.a. according to the sellers. The Landlord insures the buildings and keeps common parts of the structures including parking space, communal gardens, boundaries, shared hallways-staircases-landings etc. clean and illuminated as necessary.

No animals or birds are permitted in the apartments if these cause a nuisance to other apartment occupiers and no fouling of the communal gardens is permitted. The apartments are for residential occupation only with maintenance obligations on the leaseholder and no structural alterations are permitted. Windows are to be cleaned at least once per calendar month and floors should be covered in sound-deadening material. 

Location Louth is a popular market town with three busy markets each week, many individual shops, highly regarded primary, secondary and grammar schools/academies. There are many cafes, bars and restaurants. Grimsby is approximately 16 miles to the north whilst Lincoln is some 25 miles to the south-west.

Louth has a modern sports and swimming complex, many local clubs, athletics and football/cricket grounds, tennis academy and courts, golf and bowling with attractive parks in Hubbard's Hills and Westgate Fields. The town has a thriving theatre and a cinema. The coast is about 10 miles away from Louth at its nearest point and the area around Louth has many fine country walks and bridleways.  

General Information The particulars of this property are intended to give a fair and substantially correct overall description for the guidance of intending purchasers. No responsibility is to be assumed for individual items. No appliances have been tested. Fixtures, fittings, carpets and curtains are excluded unless otherwise stated. Plans/Maps are not to specific scale, are based on information supplied and subject to verification by a solicitor at sale stage. We are advised that the property is connected to mains gas, electricity, water and drainage but no utility searches have been carried out to confirm at this stage. The property is in Council Tax band A. 

Viewing Strictly by prior appointment through the selling agent.

Agent Details

Masons Sales, Louth

01507 308524

Next Steps?

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