2 Bed Flat, Cash/Bridging Only, Durham, DH7 0EH, £170,000

Woodham Court, Lanchester, Durham, DH7 0EH - 4 views - 6 months ago

Sold STC
Leasehold
Cash
ROI: 6%
~68 m²
+11 photos

ValuationOvervalued

Sold Prices£41K - £116K
Sold Prices/m²£759/m² - £2.1K/m²

 

 

Square Metres

~68.11 m²
Price/m²£2.5K/m²

Value Estimate

£128,511

 

 

End Value (After Refurb)

£150,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£42,500

Stamp Duty & Legal Fees

£6,300

Refurb Costs

£26,073

Bridging Loan Interest

£4,463

Total Cash In

£81,085

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£150,000

Mortgage (After Refinance)

£112,500

Mortgage LTV

75%

Cash Left In

£81,085

Equity

£37,500

Rent Range

£525 - £3,000

Rent Estimate

£1,149

Running Costs/mo

£719

Cashflow/mo

£430

Cashflow/yr

£5,165

ROI

6%

Gross Yield

8%

Local Sold Prices

5 sold prices from £41K to £116K, average is £100K. £759/m² to £2.1K/m², average is £1.9K/m².

PriceDateDistanceAddressBeds 
£109K08/220.16 mi7, Croft Court, Lanchester, Durham, County Durham DH7 0JU2
£50K04/210.16 mi9, Croft Court, Lanchester, Durham DH7 0JU2
£41K06/210.16 mi7, Croft Court, Lanchester, Durham DH7 0JU2
£100K10/220.16 mi10, Croft Court, Lanchester, Durham, County Durham DH7 0JU2
£116K12/220.16 mi12, Croft Court, Lanchester, Durham, County Durham DH7 0JU2

Local Rents

12 rents from £525/mo to £3K/mo, average is £823/mo.

RentDateDistanceAddressBeds 
£1,20011/240.07 mi-3
£95011/240.29 mi-4
£1,10011/240.4 mi-4
£52511/230.51 mi-2
£69512/240.57 miOakwood, Lanchester, Durham, DH72
£3,00012/242.28 miWhitehall Lane, Iveston6
£2,10012/242.33 miIveston Lane, Iveston, Consett, Durham, DH86
£65012/242.39 miClavering Place, Stanley, County Durham, DH93
£62502/252.4 mi-2
£62512/242.43 miSouth View, Annfield Plain, Stanley3
£99512/242.45 miFront Street, Annfield Plain, Stanley, County Durham, DH95
£60008/232.48 mi-3

Local Area Statistics

Population in DH7

40,931

Population in Durham

124,445

Town centre distance

7.55 miles away

Nearest school

0.10 miles away

Nearest train station

7.04 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

+35%

Sales demand

Seller's market

Capital growth (5yrs)

+19%

Property History

Listed for £170,000

October 28, 2024

Floor Plans

Description

  • Allocated & Visitor Parking +
  • Ground Floor Apartment +
  • Master En-Suite Shower Room W/C +
  • Offered With No Onward Chain +
  • Open Plan Living Space +
  • Picturesque Village Setting +
  • Stunning Communal Grounds +
  • Two Double Bedrooms +

Jan Mitchell Properties are delighted to offer for sale this rarely available well presented ground floor two bedroom, two bathroom apartment in the highly desirable Woodham Court development in the heart of the picturesque Lanchester offered with No Onward Chain.

The ground floor apartment is accessible via a secure communal entrance hall, with a voice-intercom entry system. The apartment internally has neutral décor throughout and is very much ready to move into and briefly comprises:- Spacious open plan lounge diner which flows into a fitted well equipped kitchen. There are then two double bedrooms overlooking the rear communal gardens, one of which with en-suite shower room w/c and a main three piece bathroom.

Externally there is allocated and visitor parking, along with a well maintained shared garden and patio area.

Location
Woodham Court is situated off Front Street in the sought-after village of Lanchester, which offers a variety of shops, amenities, and community activities, conveniently located near the A691. It is approximately 5 miles from Consett, 8 miles from Durham, and 13 miles from Newcastle. The village is home to community groups, sports clubs, well-regarded schools, and scenic countryside walks.

Measurements
Lounge Diner - 7.41m x 3.52m
Kitchen Area - 2.82m x 2.86
Bedroom One - 5.16m x 2.68m
En-Suite - 2.32m x 1.17m
Bedroom Two - 3.97m x 2.51m
Bathroom 1.74m x 2.41m

IMPORTANT NOTE TO PURCHASERS
We endeavour to make our property details accurate, however, they do not constitute or form part of an offer or any contract and are not to relied upon as statements of representation or fact. Any services, systems and appliances listed in the details have not been tested by us and no guarantee is given to their operating ability or efficiency. All the measurements and floor plans have been taken as a guide to prospective purchasers and are not to be relied upon. Please be advised that some of the information may be awaiting vendor approval. If you require clarification of further information on any points please contact us direct.

MAKING AN OFFER Please note that all offers will require financial verification including mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including selling agents and solicitors down the chain. Under New Money Laundering Regulations we require proof of identification from all buyers before acceptance letters are sent and solicitors can be instructed.

Tenure - We are not able to verify the tenure of the property as it is not always possible to see sight of the relevant documentation prior to marketing. Prospective purchasers must make further enquiries with their legal adviser

Council Tax Band: C (Durham County Council)
Tenure: Leasehold (125 years)
Ground Rent: £0 per year
Service Charge: £2,150 per year
125 Years from 2002
Leasehold / Shared Freehold / Service Charge: The freehold is owned by the Woodham Court Management Company, with each property having an equal share and a lease. There is no ground rent. The management of the estate is overseen by Kingston Property Company, with a annual service charge currently set at £2150, inclusive of water rates.

Agent Details

Jan Mitchell Properties, Covering North East

0191 625 1034

Next Steps?

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