Lambert Street, Hull, HU5

We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.

ABILITY TO INCREASE THE RETURNS THROUGH REFURBISHMENT.

A successful long standing HMO; the six bedroom, two bathroom house is located on a mostly residential street that runs between Newland Avenue and Beverley Road, both of which are full of amenities from small independent shops and cafes through to larger stores and even a swimming pool. To the top of Newland Avenue is Cottingham Road where the University of Hull is located (very convenient for student tenants). The property's spacious and versatile accommodation will appeal to any demographic of tenant, while it is currently let to professional tenants, in the future it could be let to student tenants given the close proximity to the University.

The property is tastefully decorated but would benefit from a programme of refurbishment.

The property is fully double glazed, including the front and back door and is heated by an 'Ideal' gas boiler.

The shared accommodation comprises entrance hallway, spacious living room with blue feature wall, herringbone flooring, stylish sofas and wall mounted TV - the centre piece for any social houseshare.

Passing through to the rear of the property the kitchen / dining room is of a generous size. The property would benefit from a new kitchen and appliances. The cost of this has been factored into the works costs and more information can be found further down the brochure.

Beyond the kitchen is the first of the two shower rooms consisting of corner shower cubicle with mixer shower and rainwater shower head, basin with vanity unit below, mixer tap, mirrored wall cabinet above and designer radiator.

Back off the main entrance hallway in what was originally the second reception room is a spacious double bedroom.

To the first floor there is a bathroom with shower over bath and four double bedrooms. The bathroom would benefit from being refurbished to improve the shared facilities. The cost of this has been factored into the works costs. The sixth and final bedroom is located no the second floor in the roof space with sloping ceilings to the front and back but as it takes up the whole floor it is a spacious room and benefits from a wash hand basin in the room.

There is rear access to the outside space from the kitchen/dining room. Externally the plot extends to approximately 0.053 acres and offers a front forecourt and mostly gravelled low maintenance rear garden.

The current owner holds an HMO licence for the property. We believe that due to recent changes with Hull councils HMO standards that the fire doors and their frames will require replacing, this has been included within the work costs. We have added the two bathroom doors so that the design of the doors will all match and be consistent throughout.

Please note that while a HMO licence is valid for 5 years, they are not transferrable and follow the person not the property - a new licence is required upon transfer of ownership.

The property meets with current fire regulation requirements having a Grade C-A fire alarm system with call points installed, fire doors throughout and a fire blanket in the kitchen.

The property is a short walk from Princes Avenue, Newland Avenue and Beverley Road. These roads offer a range of amenities including, numerous highly rated cafes and restaurants; independent shops, Lloyds Bank, Tesco, Sainsburys and a post office.

The property is also within walking distance of the University of Hull, the excellent location means that the property has versatility allowing it to be easily switched between student and working tenants dependent on market demand and owner preference.

The property sits within an Article 4 area which prevents the conversion of C3 (residential dwellings) into C4 HMO's without planning permission, due to the cap on new supply the demand for these properties has gone up significantly and as such the values are strong. This property was converted prior to the implementation of the A4 and the seller can provide supporting evidence.

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Buyers premium of 3% + VAT - payable in two parts:
- A non-refundable reservation fee of £1,500 plus VAT
- The balance is due upon legal completion (which is collected and paid by the buyers solicitor)