Chichester Road, Southend-on-sea, Essex, SS1 2JZ
Property Overview
| Item | Details |
|---|---|
| Property address | Chichester Road, Southend-on-Sea, Essex, SS1 2JZ |
| Type of property | 2 bedroom leasehold flat (split-level apartment) |
| Tenure | Leasehold (marketing indicates circa 970 years remaining). |
| Guide price | £120,000 (Rightmove guide). :contentReference[oaicite:1]{index=1} |
| Auction starting bid (current) | £125,000 |
| Auction method | Modern Method of Auction (iamsold referenced in marketing). :contentReference[oaicite:2]{index=2} |
| Auction date | See auction website |
| Time left | See auction website |
| Action website page link | View listing on Rightmove |
| Auction website link | View auction website (iamsold) |
Property Description
Cash-buyer focused, split-level two-bedroom apartment in central Southend, set on an upper floor with lift and stair access. The layout is arranged across two levels and includes a lounge/diner, a modern fitted kitchen, and a bathroom. Both levels benefit from balcony space, and the flat also includes an allocated parking space within a secure gated underground car park. The marketing notes double glazing, gas warm air heating, and a very long remaining lease term. The sale is offered chain-free. :contentReference[oaicite:3]{index=3}
Property quick facts
| Quick fact | What it means for underwriting |
|---|---|
| 2 bedrooms, 1 bathroom | Comparable demand exists for 2-bed flats locally, but pricing is sensitive to service charge and block quality. |
| Split-level with 2 balconies | Positive for resale and letting, but confirm any balcony repair obligations in the lease/service charge history. |
| Allocated underground gated parking | Value add, but confirm the parking space is demised/allocated formally and its separate service charge line. |
| Lease term circa 970 years remaining | Lease length is not the constraint. Focus on service charge level, major works risk, and ground rent terms. :contentReference[oaicite:4]{index=4} |
| Service charge (agent note) | Vendor indicates £2,500 to £3,000 per year for the flat and the car park, paid separately (treat as a key kill-test item). |
| Heating / glazing | Gas warm air heating and double glazing noted. Verify EPC, boiler/heating service history, and any communal plant obligations. :contentReference[oaicite:5]{index=5} |
Auction and fee notes (Modern Method of Auction)
- Completion required within 56 days (and reasonable endeavours to exchange promptly after draft contracts are received by the buyer’s solicitor). :contentReference[oaicite:6]{index=6}
- Non-refundable reservation fee: 4.5% of purchase price (minimum £6,600 incl VAT), paid by the buyer and in addition to the purchase price. :contentReference[oaicite:7]{index=7}
- Reservation fee deadline: within 2 hours following auction conclusion or acceptance of an offer (per your additional info).
- Buyer Information Pack contribution: use £349 incl VAT (per your instruction). Marketing text references a pack payment; verify the exact amount in the pack/terms. :contentReference[oaicite:8]{index=8}
- Service charge: vendor indicates £2,500 to £3,000 per year for the flat and the car park, paid separately (treat as two lines to confirm).
Market reference points (pricing and demand)
| Type | Address | Result | Date | Distance |
|---|---|---|---|---|
| Sold comparable | Flat 63, Meridian Point, Southchurch Road, SS1 2EB | £163,000 | 12/09/2025 | Within 0.5 mile |
| Sold comparable | Flat 14, Warrior House, Southchurch Road, SS1 2LZ | £130,000 | 25/11/2025 | Within 0.5 mile |
| Sold comparable | Flat 11, Warrior House, Southchurch Road, SS1 2LZ | £140,000 | 17/01/2025 | Within 0.5 mile |
| Sold comparable | Flat 3, 112 to 114 Southchurch Road, SS1 2LX | £190,000 | 25/07/2025 | Within 0.5 mile |
| Currently listed | Southchurch Road, Southend-on-Sea | £170,000 (asking) | Current | Within 0.25 mile |
| Currently listed | Chartwell Plaza, 9 Southchurch Road, SS1 | £150,000 (asking) | Current | Within 0.25 mile |
| Currently listed | Tolhurst House, 45 Chichester Road | £130,000 (asking), currently let at £900 pcm | Current | Within 0.25 mile |
Rent assumption to use: £1,000 pcm (similar size and rooms, recently let).
Assumptions used (so caps are decision-grade)
- GDV scenarios: A £155,000 (low), B £170,000 (mid), C £185,000 (high). Built from the evidence sold listed, anchoring the “high” below the £190k sold comparable.
- Refurb stress tests (minimal works): £5,000 (low), £10,000 (medium), £15,000 (high).
- Auction buyer fees: Reservation fee 4.5% (min £6,600 incl VAT) plus Buyer Information Pack £349 incl VAT (use pack/terms to confirm the exact pack fee). :contentReference[oaicite:9]{index=9}
- Legal and purchase costs (allowances): solicitor £1,500, searches £300, Land Registry and admin £150.
- SDLT: Underwritten at 3% (additional property / investor case) for the cap calculations.
- Sale costs (flip): estate agency 1.8% inc VAT, seller legals £600, EPC £80.
- Bridging (if needed): 0.9% per month on a 75% LTV bridge, plus typical entry/exit fees (used for scenario stress-testing only).
- Service charge: Underwrite as a major unknown until verified. Vendor indicates £2,500 to £3,000 for the flat and the car park, paid separately (treat as potentially £5,000 to £6,000 total annual fixed cost until proven otherwise).
GDV and Max Bid Scenarios (for quick scanning)
| Scenario | GDV | Suggested max bid (conservative) | What this assumes |
|---|---|---|---|
| A (Low) | £155,000 | £109,000 | Medium refurb (£10k) and a £20k flip buffer, without bridging. |
| B (Mid) | £170,000 | £123,500 | Medium refurb (£10k) and a £20k flip buffer, without bridging. |
| C (High) | £185,000 | £137,500 | Medium refurb (£10k) and a £20k flip buffer, without bridging. |
Hard Stop cap and Absolute walk-away cap
Hard Stop cap: £120,000
Absolute walk-away cap: £123,000
Hard Stop Rule: If you cannot hit your minimum buffer on the MID GDV case after fees and service charge risk, do not bid further.
Mini auction day checklist (fits under your max bid table)
- Confirm reservation fee, pack fee, and the exact completion timeline in the auction terms.
- Verify service charge for flat and for car park separately, plus any arrears and planned major works.
- Confirm ground rent amount, review pattern, and any mortgage-lender red flags.
- Confirm vacant possession and whether any occupier or tenancy exists.
- Run the Hard Stop Rule with your chosen exit (flip or let), then place bids only up to your cap.
FULL MATRIX: Net Flip Profit (£) (viewer-friendly)
Base refurb shown here is £10,000 (medium). The matrix below is the flip profit after typical buying and selling costs and Modern Method fees, with bridging shown as a stress test (0.9% monthly, 75% LTV). If you do not use bridging, profits improve materially.
Matrix 1: With bridging (0.9% monthly), refurb £10k
| Bid | GDV A £155k | GDV B £170k | GDV C £185k |
|---|---|---|---|
| 6 month exit | |||
| £120,000 | £1,471 | £16,201 | £30,931 |
| £125,000 | -£3,994 | £10,736 | £25,466 |
| £130,000 | -£9,459 | £5,271 | £20,001 |
| 9 month exit | |||
| £120,000 | -£959 | £13,771 | £28,501 |
| £125,000 | -£6,525 | £8,205 | £22,935 |
| £130,000 | -£12,092 | £2,638 | £17,368 |
| 12 month exit | |||
| £120,000 | -£3,389 | £11,341 | £26,071 |
| £125,000 | -£9,056 | £5,674 | £20,404 |
| £130,000 | -£14,724 | £6 | £14,736 |
Matrix 2: No bridging (cash or mortgage route), refurb £10k
| Bid | GDV A £155k | GDV B £170k | GDV C £185k |
|---|---|---|---|
| £120,000 | £9,031 | £23,761 | £38,491 |
| £125,000 | £3,881 | £18,611 | £33,341 |
| £130,000 | -£1,269 | £13,461 | £28,191 |
Refurb sensitivity (quick stress test)
| Bid | Refurb £5k | Refurb £10k | Refurb £15k |
|---|---|---|---|
| £125,000 at GDV B (£170k), no bridging | £23,611 | £18,611 | £13,611 |
Strategy Analysis: Flip vs Buy to Let vs BRRR
1) Flip (primary numbers takeaway)
- If you need bridging, the current £125,000 starting bid only works cleanly when the exit is fast and GDV is closer to the high case.
- If you can avoid bridging (Modern Method timetable may allow mortgage), profits improve, but the reservation fee still makes the deal margin-sensitive.
- Decision-grade focus: treat service charge (flat + parking separately) as the biggest “unknown cost” that can erase your margin.
2) Buy to let (cashflow and stress test)
Rent assumption: £1,000 pcm.
| Item | Base case | Stress case |
|---|---|---|
| Gross rent | £12,000 per year | £12,000 per year |
| Voids/repairs/management allowance | 15% of rent (allowance) | 20% of rent (allowance) |
| Service charge (key risk) | Underwrite £5,000 per year (flat + parking) | Underwrite £6,000 per year (flat + parking) |
| Result | Caution: Service charge can consume a large share of rent before mortgage costs. | High risk: Cashflow can become thin or negative depending on finance rate. |
BTL bottom line: This only becomes attractive if the confirmed service charge for both lines (flat and parking) is materially lower than the worst-case underwriting, and the property is mortgageable on acceptable terms within the Modern Method timetable.
3) BRRR (recycle capital logic)
- Minimal refurb means limited “forced appreciation”. Your BRRR result relies mainly on buying below value and confirming the block costs are not punitive.
- If GDV lands closer to the mid/high case, refinance may be possible, but the reservation fee and service charge reduce how much cash you truly recycle.
- Decision-grade BRRR rule here: do not BRRR unless you can (a) lock a purchase price below the hard stop cap and (b) prove service charge and ground rent terms are lender-friendly.
Maximum bid recommendation (after all costs)
These are recommended caps that already respect the reservation fee and typical buying/selling costs. They are designed to keep you out of thin-margin territory.
| GDV scenario | Refurb sensitivity | Suggested max bid | Comment |
|---|---|---|---|
| A £155k | Low / Med / High | £114,000 / £109,000 / £104,000 | Only makes sense if you buy meaningfully below current starting bid. |
| B £170k | Low / Med / High | £128,500 / £123,500 / £118,500 | This is the decision-grade anchor scenario for caps. |
| C £185k | Low / Med / High | £142,500 / £137,500 / £133,000 | Only rely on this if you can prove the £185k resale is realistic for this block and service charge. |
Flip vs BTL comparison (what wins here)
| Angle | Flip | Buy to let |
|---|---|---|
| Main risk | Thin margin once reservation fee and selling costs are included. | Service charge (flat + parking separately) can crush net yield and cashflow. |
| What must be true | Buy at or below hard stop cap and exit near mid/high GDV within a controlled timeline. | Confirmed service charge and ground rent must be lender-friendly and leave real net income. |
| Best fit (today) | Better fit than BTL if you can buy below cap and avoid bridging. | Caution until service charge is proven and stress-tested against mortgage rate. |
Kill test: Legal pack checklist (fast red flags)
- Service charge and major works: last 3 years accounts, current budget, reserve fund, and Section 20 notices.
- Ground rent terms: amount, review pattern, and whether any escalation breaches lender guidance.
- Parking: confirm it is included in the demise or formally allocated, plus its separate charge and rights.
- Restrictions: subletting rules, holiday/short-let restrictions, pets, alterations, balcony use, and letting clauses.
- Title and lease checks: repairing obligations, cladding/external wall position if relevant, and any unusual covenants or estate rentcharges.
Documents attached: risk extraction table
Legal pack analysed in See legal pack section below.
| Document | Risk to check | Why it matters | Status |
|---|---|---|---|
| Lease | Service charge liability split (flat vs parking), major works, subletting rules | Directly impacts BTL viability and lender acceptability | See legal pack section below |
| Management pack / accounts | Budget increases, arrears, reserve fund, Section 20 notices | Explains whether service charge is stable or likely to spike | See legal pack section below |
| Auction terms | Reservation fee timing, completion deadline, special conditions | Controls your cash timeline and default risk | See legal pack section below |
Verdict (auto-matched to the scenario)
Verdict: CAUTION
- At the current £125,000 starting bid, the flip margin is thin once the Modern Method reservation fee is included, unless GDV lands closer to the high case and you avoid bridging.
- BTL is service-charge sensitive. Underwrite the flat and parking service charges separately until proven otherwise.
- If you cannot buy at or below the Hard Stop cap, this becomes a walk-away on decision-grade underwriting.
Bottom line
Treat this as a margin-sensitive Modern Method deal. Your outcome is driven by two variables: (1) the price you secure versus the Hard Stop cap, and (2) the true service charge for the flat and the parking, including any major works risk. If either variable goes against you, this becomes a low-reward purchase at the current starting bid.
Disclaimer: Decision support only, not legal/financial advice. Always have your solicitor confirm covenants, auction conditions, and any special conditions before bidding.
The full Auction Pack review is below for you to make informed decision on this property.
Legal Pack Analysis (Buyer Information Pack)
This section pulls out the decision-grade legal, title, leasehold, auction-condition, and search risks that can change your maximum bid or make this a walk-away.
Documents reviewed (what was in the pack)
| Category | Document | Notes |
|---|---|---|
| Auction | terms.pdf | Modern Method of Auction terms and conditions |
| Auction | sample-reservation-agreement.pdf | Reservation agreement (sample) with buyer obligations and forfeiture triggers |
| Title | 1-Register – EX722417.pdf + 2-Title Plan – EX722417.pdf | Leasehold title register and plan for the flat (3 Tolhurst House) |
| Title | parking space title Register – EX742624.pdf + parking space Title Plan – EX742624.pdf | Separate title for parking space |
| Leasehold | TA7 Leasehold Information Form.pdf | Leasehold information (Section 1.2 – “How much rent is due each year?” = £6,840) |
| Seller forms | TA6 – redacted.pdf | Property Information Form (redacted) |
| Searches | local search.pdf | Regulated personal search report (Southend-on-Sea City Council) |
| Searches | Drainage and Water Search.pdf | Anglian Water regulated drainage and water report |
| Pack notes | Buyer Pack Summary Note.pdf | Vacant possession and parking inclusion confirmed by seller |
| Management | management pack – redacted.pdf | Appears to be standard (treat as “must verify”) |
Legal pack headline confirmations (what helps you)
- Vacant possession: Seller confirms the property will be sold with vacant possession (Buyer Pack Summary Note).
- Parking included: Seller confirms the property will be sold with the parking space (Buyer Pack Summary Note). This aligns with the separate parking title in the pack.
- Drainage and water: Foul drainage to public sewer: YES. Surface water to public sewer: YES. Mains water: YES (Drainage and Water Search report summary).
Auction legal conditions (Modern Method) that change your risk
| Clause / theme | What the documents say | What it means for you |
|---|---|---|
| Reservation fee is not part of the purchase price | Reservation Fee is a fee payable to the auctioneer in addition to the purchase price (reservation agreement). | Your “true cost” is bid price plus reservation fee. Underwrite it as an extra cost, not a deposit. |
| Non-refundable, no cooling off | Agreement is not subject to a cooling off period; reservation fee is non-refundable except limited cases (reservation agreement). | If you win and later discover a red flag, you can still lose the fee. This is why the legal pack kill tests matter. |
| 56-day period measured from draft contract receipt | Reservation period ends 56 days from receipt of draft contract by your solicitor (reservation agreement wording). | If mortgage timing is tight, bridging may still be needed as a backup. Do not assume “no bridge” without a lender timeline check. |
| Buyer co-operation and proof of funds | Failure to reasonably co-operate or provide proof of funding can be treated as breach and lead to forfeiture (reservation agreement). | Have proof of funds, AIP, and solicitor ready before bidding. Do not bid “to see if it works”. |
Title and tenure checks (flat title EX722417)
| Item | Extracted from title register | Risk / action |
|---|---|---|
| Lease term | 999 years from 1 January 2003 (lease dated 28 November 2003). | Lease length is not the constraint. Focus on lease clauses, service charge, and ground rent structure. |
| Landlord title registered | Landlord’s title is registered. | Normal, but solicitor should still confirm landlord title number and consistency with management arrangements. |
| Mortgage restriction | Restriction requires consent from the charge holder (Royal Bank of Scotland PLC charge referenced in Charges Register). | Seller’s lender must provide discharge/consent on completion. Your solicitor should confirm how it will be removed. |
| Historic restrictive covenants noted | Schedule includes restrictions around fences, advertising, building line, class of buildings, trade/business use, etc. Releases are also referenced (title register schedule). | Often legacy estate covenants, but solicitor must confirm what still binds the leasehold and if any are relevant to your intended use/letting. |
Parking space title checks (EX742624)
| Item | Extracted from parking title register | Risk / action |
|---|---|---|
| Separate lease title | Parking space has its own title and lease: 999 years from 1 January 2003 (lease dated 25 June 2004). | Good for clarity, but it can also mean a separate service charge line. Confirm both charges and any arrears. |
| Only lower ground floor included | Title notes only lower ground floor is included. | Confirm the exact bay/space reference on plan and that your rights of access are properly granted. |
Leasehold costs (service charge, ground rent, insurance) – decision-grade position
Key issue: Management pack containing service charge split, arrears, reserve fund, Section 20 notices, major works must be verified before bidding.
TA7 indicator: The TA7 form contains a payment figure shown as “£6840” after seller said “NO” to question 1.2 – “Does the seller pay rent for the property?” Treat this as a red-flag indicator that a recurring charge could be high until you confirm the actual service charge and ground rent from the demand/annual accounts.
Decision rule: Do not increase bids above the Hard Stop cap unless you have hard evidence of the annual service charge for (1) the flat and (2) the parking title, plus confirmation of no material arrears and no major works spikes.
Search results (local authority and drainage) – what matters
Local search (Regulated Personal Search) highlights
| Area | What the report shows | Risk / action |
|---|---|---|
| Roads, footpaths, adoption | Report front section states “None revealed” for other roadways/footpaths/footways (plan attached in report). | Still confirm adopted highway access and any private road liabilities from the detailed pages and plan. |
| Optional enquiries | Optional enquiries list is shown but not answered (boxes shown unticked in the report front pages). | This is important. Items like HMO, environmental/pollution notices, noise abatement, flood defence consents, and others may not be covered by this search. Consider additional targeted checks if your strategy depends on them. |
Drainage and water highlights
| Question | Answer | Risk / action |
|---|---|---|
| Foul drains to public sewer | YES | Normal. Still check sewer map for any public sewer within boundary if you ever plan alterations (report says refer to detailed response). |
| Surface water to public sewer | YES | Normal. |
| Connected to mains water | YES | Normal. |
Kill test: Leasehold and auction conditions (fast pass/fail)
- Service charge split and totals: You must obtain confirmed annual figures for flat title and parking title, plus last 3 years accounts and current budget. If total annual service charge is materially higher than the vendor note, treat as walk-away or reprice hard.
- Major works risk: Any Section 20 or planned lift, roof, balcony, car park membrane, cladding, fire safety, or structural works should trigger a cap reduction or walk-away.
- Ground rent pattern: Any aggressive review clause (doubling or high escalation) can kill mortgageability and resale liquidity.
- Auction forfeiture triggers: If you cannot prove funding and move quickly, you risk losing the reservation fee. Only bid when solicitor and finance are lined up.
- Parking rights clarity: Confirm the parking space you are buying is exactly what is shown on the plan and that access rights are fully granted.
Risk register (legal pack risks that affect pricing)
| Risk area | Document source | What was found | Severity | Decision-grade action |
|---|---|---|---|---|
| Reservation fee forfeiture risk | Reservation agreement + terms | Non-refundable fee (except limited cases), no cooling off, breach can lead to forfeiture. | High | Bid only after solicitor has reviewed key leasehold risks and you have funding proof ready. |
| 56-day timeline pressure | Reservation agreement + terms | Reservation period ends 56 days from receipt of draft contract by buyer’s solicitor. | Medium | Confirm lender timetable. Keep bridging backup plan priced into your cap if mortgage timing is not guaranteed. |
| Mortgage lender discharge required | Title register EX722417 | Restriction requires consent from RBS charge holder for dispositions to be registered. | Low to Medium | Solicitor to confirm discharge process and that sale proceeds will redeem the charge. |
| Restrictive covenants (legacy estate restrictions) | Title register schedules (flat and parking) | Historic covenants include limits on business use, advertising, building line controls, etc. Releases are referenced for certain covenants. | Low to Medium | Solicitor to confirm what binds the leasehold today and whether any covenant impacts letting or intended use. |
| Service charge uncertainty (flat + parking) | TA7 + management pack | TA7 shows an unclear “£6840” after seller said “NO” to “Does the seller pay rent for the property?”. | High | Do not increase bid cap until annual service charge totals are proven (last 3 years + current budget + arrears + major works). |
| Local search coverage gap | Local search | Optional enquiries list displayed but not answered (HMO, environmental notices, noise abatement, flood defence consents, etc.). | Medium | If your strategy depends on any optional category, run targeted checks before bidding or treat as a pricing risk. |
| Parking title is separate | Parking title EX742624 | Parking is its own lease title and may carry separate charges and rules. | Medium | Solicitor to confirm rights, plan match, and separate service charge/arrears position. |
Impact on your maximum bid caps (legal pack adjustment)
Cap stance right now: Keep the earlier Hard Stop cap and Walk-away cap in place until the service charge and ground rent are confirmed from management accounts/demands.
Pricing rule: If confirmed annual fixed block costs (service charge plus any parking charge plus ground rent) are materially higher than expected, reduce your max bid and do not chase the deal. High fixed charges reduce both flip liquidity (buyer pool) and BTL cashflow.
Disclaimer: Decision support only, not legal/financial advice. Always have your solicitor confirm covenants, auction conditions, and any special conditions before bidding.
Investment Financials
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