For Sale1 Bedroom Apartment in Clayhall Avenue, Ilford, IG5 0TD£254,499

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.