For Sale2 Bedroom Penthouse in Lower Canal Walk, Southampton, SO14 3JP£200,000
Property Type
Penthouse
Bedrooms
× 2
Bathrooms
× 1
Receptions
× 1
Tenure
Leasehold
Price
£200,000
Key Features
- INVESTORS ONLY TENANT IN SITU
- Beautifully Appointed Penthouse
- Under Croft Parking For Two Cars
- Wrap Around Balcony
- Two Double Bedrooms
- City Centre Location
- Ensuite to Master
- Contemporary Bathroom
- Open Plan
- Double glazed
Resources
Description
**PLEASE READ NOTES BY THE SELLER BELOW BEFORE BOOKING A VIEWING** This is an investment property which will be sold with a tenant in place who is currently renting and wishes to stay long term but is on a rolling contract. He has been in place for over 18 months. The property has always been let within 7 days of going on to Rightmove. It achieves rent income of £1250 a month currently. There are also two ongoing potential issues around the purchase. The first is a B2 rating on the EWS1 form. Barratt homes are currently inspecting the building to work out what they need to do under the government policy to get the building to the right level to achieve a good EWS1 rating and will be performing the work but we don’t currently have timescales on when this will be complete by. The second issue is there is an ongoing section 20 on the building for long-standing issues with water ingress to small sections of the roof for the whole building as well as issues around smoke extraction in the car park levels. This flat has never had any water ingress issues nor has any part of the gate it’s in. However, the other side of the building has had issues that therefore means work will be undertaken to replace the whole roof to put right the ongoing issues for some owners. Before the EWS1 fire safety issues this matter was identified as a problem and there is an on going battle to resolve this which will likely cost the leaseholders to pay out to fund some of this work and it’s likely that the building owner will have to cover some as well. The obligation for funds and impact on any buyer is currently an unknown in terms of hard and fast number. For the above two matters there was a number quoted to fix the building which was 5.2 million pounds and this flats obligation to pay that was £18,000. However due to Barratt homes now being forced by the government to step up and cover the issues per the new laws this number is expected to be dramatically lower. The
