|TOTAL LOAN AMOUNT||AMOUNT FOR ASSIGNMENT||INTEREST
The property comprises a semi-detached 2 storey dwelling house believed to be of mid/late 1950’s origins forming part of a small housing estate built by the Local Authority for renting purposes. Over the last 30 years many of the properties have been sold under various ‘Right to Buy’ schemes and are now privately owned.
The property has a Planning Permission for conversion and extension to provide 4 flats: one 1-bedroom and three 2-bedroom and 6 parking spaces.
The property is of conventional design and traditional construction being built of cavity brick walls under a pitched and tiled roof. It occupies a corner plot.
The property is located in an established residential area approximately 1 mile north east of Chelmsford town centre. The immediate surrounding area comprises a mix of mid/late 1950’s ex local authority housing and some infill modern development.
Local amenities are within reasonable walking distance of the property. Chelmsford City centre is located approximately 1 mile to the south west and offers a full range of services and amenities together with a main line rail station linking to London Liverpool Street.
The borrower intends to develop the security property into four flats. As per the valuation, upon completion the value of the security property will increase to £720,000, thus decreasing the LTV to approximately to 33.33%. The achievable Market Rental Income subject to completion of all works amounts to £38,400 per annum.
It should be noted that the borrower also owns other properties in London.
The borrower intends to repay the loan by refinancing.