1 bed flat for sale

Clayhall Avenue, Ilford IG5

Guide Price: £254,499 - £270,000

A rare opportunity to acquire a spacious and well-presented modern renovated 1-bedroom purpose-built flat, ideally situated on the 1st floor. The accommodation includes a large Living Room, Kitchen, Bedroom, Utility Room (with plumbing for washing machine, can easily fit a single bed or be used for additional storage/study/home office), and a three-piece Bathroom suite. Ample storage is available, including loft space, with sufficient off-street residential parking at the rear.

Key Features:
• Central heating and double glazing
• Secure entry phone system
• Utility room ideal for home office or storage
• Within catchment area for grammar schools
• Located near excellent local amenities
• 24-hour bus service directly outside
• Local shop within 2 minutes' walk
• 5 minutes bike journey to Barkingside tube station on central line

Additional Information:
• Service Charge: Approximately between £280 - £300 per annum
• Ground Rent: £10 per annum
• Landlord Licence: Exempt
• Energy Rating: A
• EPC and Gas certificates present
• No stamp duty for first time buyers on this

Investment Potential:
Currently rented out for £1400 per month, with potential to achieve £1500 per month. The property has had the same tenant for the past three years, offering a strong rental yield of approximately 12% for potential Buy-to-Let investors.

Lease Information:
• Remaining Lease: Approximately 92 years
• Lease Extension Cost: A letter from Redbridge Council's valuer confirms their charges for a lease extension at £2560 inc. VAT, with an estimated total cost between £4500 - £5000 for another 90 years of lease, as there are more than 10 years left on the current lease.
• Future Consideration: It's suggested to consider waiting for 1 or 2 years until the lease extension reforms bill is enacted, offering an extension to 990 years instead of 90 years for the same price.

Property Ownership Information

Tenure

Leasehold

Council Tax Band

A

Annual Ground Rent

£10.00

Ground Rent Review Period

No review period

Annual Service Charge

£300.00

Service Charge Review Period

Every 1 year

Lease End Date

12/04/2117

Property Description Disclaimer

This is a general description of the property only, and is not intended to constitute part of an offer or contract. It has been verified by the seller(s), unless marked as "draft". Purplebricks conducts some valuations online and some of our customers prepare their own property descriptions, so if you decide to proceed with a viewing or an offer, please note this information may have been provided solely by the vendor, and we may not have been able to visit the property to confirm it. If you require clarification on any point then please contact us, especially if you’re traveling some distance to view. All information should be checked by your solicitor prior to exchange of contracts.

Successful buyers will be required to complete anti-money laundering and proof of funds checks. Our partner, Lifetime Legal Limited, will carry out the initial checks on our behalf. The current non-refundable cost is £80 inc. VAT per offer. You’ll need to pay this to Lifetime Legal and complete all checks before we can issue a memorandum of sale. The cost includes obtaining relevant data and any manual checks and monitoring which might be required, and includes a range of benefits. Purplebricks will receive some of the fee taken by Lifetime Legal to compensate for its role in providing these checks.