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Property for Pensions – Acquisition & Associated Costs

Here is a typical example of a Property for Pensions acquisition… being a long leasehold apartment for £135,000:

  • Property for Pensions search fee £0
  • Acquisition of property at £135,000
  • Government Stamp duty 1% £1350
  • Surveyors valuation fee £600 + Vat *
  • Conveyance lawyers fee £1250 + Vat *
  • Furnishing for Letting £3-7000*


On going costs & income:

  • Service Charge inc Block insurance £1200pa**
  • Ground Rent £150pa
  • Government Stamp duty 1% £1350
  • Income when let £775pm ( £9300pa)


If the property was vacant & immediately able to be let the Maguire Jackson agency costs will be 100% of the first month if we manage + 4% per month thereafter

If the property is fully let & managed by Property for Pensions/Maguire Jackson there will be a fee of 4% + vat of the rent as an ongoing cost.

We have not discussed the financial structure of this acquisition as this will change on a case by case basis depending upon what has been recommended & advised by the financial advisors

* These fees can vary depending upon your professional/supplier
** These apply to leasehold properties





PHILIP'S BLOG

Philip Jackson

I recently took a short holiday to California, to stay with American friends. Whilst there I was able to discuss with one of their immediate neighbours, who I knew was a successful local Real Estate broker, how she secured her fees .I wanted to know why both seller & buyer seemed content to pay the markedly higher commission rates than we see here.