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£400,000 Offers in excess of
A detached agricultural barn with consent to convert to a dwelling in this popular Mid Devon area set within a plot of approximately 1.09 acres
Freehold Guide Price OIEO 400,000
A traditional two storey barn originally constructed from natural stone with a corrugated roof and with later extensions and repairs using a mixture of block, render, sheet cladding and timber cladding. The barn benefits from conditional full planning approval for the Change of use and conversion of a redundant agricultural barn to dwelling and associated access, parking, landscaping and garden area. The full application can be found under planning reference 23/01820/FULL.. Further details are available from the selling agents.
The site is shown edged red on the accompanying plan and extends in total to approximately 1.09 acres.
ACCESS
The property will be accessed via a right of way as shown hatched brown on the accompanying plan.
PLANNING
Conditional planning permission was granted on 24 January 2024 under reference 23/01820/FULL. This is subject to 8 conditions. Further details are available from the MDDC planning website or from the selling agents.
COMMUINTY INFRASTRUCUTRE LEVY
On the basis that the property is purchased as a self build the property will be exempt from any Community Infrastructure Levy. If the property is purchased by a developer CIL will be payable. Further details from the selling agents.
USEFUL ADDRESSES
Mid Devon District Council
Phoenix House, Phoenix Ln, Tiverton EX16 6PP Tel:
South West Water
Peninsula House, Rydon Lane, Exeter EX2 7HR Tel:
SERVICES
We understand that the building is connected to mains water and electricity.
FENCING OBLIGATION
The purchasers will be responsible for the erection and future maintenance of a new stock proof boundary as marked A-BC.
VIEWINGS
Strictly by appointment through the sole selling agents; .
HEALTH & SAFETY NOTICE
All persons wishing to view the property do so entirely at their own risk. Neither the Vendors or their Agents will be held liable for any damage or injury that may occur when interested parties are visiting the property. A working farm is a potentially hazardous environment and for prospective purchasers own personal safety, please be vigilant when viewing the farm, particularly around the farmyard and in fields containing stock. All potential purchasers are asked to observe the country code and close all gates. We would further note that it is suspected, although impossible to determine without expert assistance and analysis, that the fibre cement sheets used in the construction of some of the buildings may contain asbestos.
The property occupies an outstanding rural position situated within the sought after Culm Valley, within the Blackdown Hills, designated an Area of Outstanding Natural Beauty, and widely regarded as some of the most attractive countryside in the county. The village of Hemyock is situated approximately 1 mile distant to the south and provides a thriving local community with primary school, parish church, village stores, doctors surgery and public house. The larger centres of Wellington and Taunton both offer a good range of everyday shopping, banking and scholastic services, including primary and secondary schooling as well as a number of noted public Schools.
Despite its rural position the property enjoys easy access to the surrounding districts and further afield with access to the M5 motorway available at Wellington (J26) being approximately 5.5 miles distant. Main line rail services are also available at Taunton, Honiton and Tiverton Parkway and international airports at Exeter and Bristol.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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