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401 Somerset Studios, Belfast, BT7 1RP

Offers Over £225,000
  • status Sale
  • bedrooms 2 Bedrooms
  • receptions 1 Reception
  • style Apartment
  • Price Offers Over £225,000
  • Style Apartment
  • Bedrooms 2
  • Receptions 1
  • Heating GFCH
  • EPC Rating C77 /C77 - Download
    EPC
  • Status Sale
Jonathan Killen GOC Estate Agents Office: 028 9066 2366 DDI: 02890662366
Jonathan Killen

Description

Somerset Studios is a beautifully presented and maintained building in the heart of Belfast City Centre. Apartment 401 is located on the top floor, with views overlooking the City. Somerset Studios has been commended as a stylish development which presents historic characteristics of this former Edwardian Linen Factory whilst offering a modern living space with close links to surrounding areas. The property comprises a spacious living room with high ceilings and exposed brick walls, a separate modern kitchen with breakfast bar, two spacious bedrooms with built in wardrobes and a well presented, tiled, bathroom with double shower and white suites. The property also benefits from a secure, allocated car parking space. We highly recommend viewing to appreciate the accomodation 401 Somerset Studios has to offer and the unique opportunity to aquire an apartment in a sought after City Centre Building.

Features

  • Magnificent 2 Bedroom City Centre Loft Style Duplex Apartment
  • Original Features Throughout Including Exposed Brick Walls and High Ceilings
  • Living Room with Mezzanine Balcony
  • Separate Modern Kitchen with Breakfast Bar
  • Two Well Proportioned Bedrooms with Ample Storage
  • Modern Bathroom with Double Shower
  • Secure Allocated Car Parking Space
  • Centrally Located Close to City Centre, Victoria Square & Queens University
  • Gas Fired Central Heating & Double Glazed Throughout

Room Details

  • ENTRANCE HALL:

    Storage cupboard
  • LIVING ROOM: 17' 5" X 13' 3" (5.31m X 4.04m)

    Hardwood floors, feature exposed brick walls
  • KITCHEN WITH BREAKFAST AREA : 13' 4" X 7' 3" (4.06m X 2.21m)

    At Widest Tiled floor, electric oven, gas ring hob, stainless steel splashback, breakfast bar, space for fridge/freezer, range of high and low cupboards.
  • BEDROOM (1): 13' 3" X 9' 4" (4.04m X 2.84m)

    Laminate wood flooring, built in wardrobe
  • BATHROOM:

    Tiled floor, double shower with tiled splashback, wash hand basin with vanity unit, low flush WC and heated towel rail
  • MEZZANINE: 13' 3" X 5' 3" (4.04m X 1.60m)

    Overlooking living room, ideal office space
  • BEDROOM (2): 13' 0" X 9' 1" (3.96m X 2.77m)

    Laminate wood flooring, built in wardrobe, built in desk

Location

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Directions

Somerset Studios is located on Marcus Ward Street, off the Dublin Road.

Mortgage Calculator

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Disclaimer: The following calculations act as a guide only, and are based on a typical repayment mortgage model. Financial decisions should not be made based on these calculations and accuracy is not guaranteed. Always seek professional advice before making any financial decisions.

Advice on Stamp Duty

Advice on Stamp Duty

Stamp Duty Land Tax is a percentage paid on the purchase of a home or non-residential property to the Inland Revenue.  You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price above £125,000 when you buy residential property, eg a house or flat.

There are different rules if you’re buying your first home and the purchase price is £500,000 or less.

Use the SDLT calculator to work out how much tax you’ll pay.


Rates if you’re buying your first home

You can claim a discount (relief) so you don’t pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000.

You’re eligible if:

·you, and anyone else you’re buying with, are first-time buyers

·you complete your purchase on or after 22 November 2017

If the price is over £500,000, you follow the rules for people who’ve bought a home before.


Rates if you’ve bought a home before

Freehold sales and transfers

You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’).


Property or lease premium or transfer value                                              SDLT rate

Up to £125,000                                                                                                Zero
The next £125,000 (the portion from £125,001 to £250,000)                       2%
The next £675,000 (the portion from £250,001 to £925,000)                       5%
The next £575,000 (the portion from £925,001 to £1.5 million)                    10%
The remaining amount (the portion above £1.5 million)                              12%

Example

If you buy a house for £275,000, the SDLT you owe is calculated as follows:

  • 0% on the first £125,000 = £0
  • 2% on the next £125,000 = £2,500
  • 5% on the final £25,000 = £1,250
  • Total SDLT = £3,750

New leasehold sales and transfers

When you buy a new residential leasehold property you pay SDLT on the purchase price of the lease (the ‘lease premium’) using the rates above.
If the total rent over the life the lease (known as the ‘net present value’) is more than £125,000, you also pay SDLT of 1% on the portion over £125,000 - unless you buy an existing (‘assigned’) lease.

You can work out how much SDLT you’ll pay for your new residential lease using HMRC’s:

Higher rates for additional properties

You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one.

Use the SDLT calculator to work out how much tax you’ll pay.  You may not have to pay the higher rates if you exchanged contracts before 26
November 2015. 


If you’re replacing your main residence

You won’t pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold.  If there’s a delay selling your main residence and it hasn’t been sold on the day you complete your new purchase:

  • you’ll have to pay higher rates because you own 2 properties
  • you may be able to get a refund if you sell your previous main home within 36 months
  • There are special rules if you own property with someone else or already own a property outside England, Wales and Northern Ireland.
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