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£390,000 Guide Price
An excellent opportunity to acquire a block of productive pasture land close to Frome. The property comprises a single ring fenced block of permanent pasture land extending to approximately 51.62 acres (20.89 ha).
Situation
The land is in a popular rural location between the villages of Mells and Coleford in the small hamlet of Newbury. Both Coleford and Mells offer a good range of local amenities including primary schools, village shops and Post Office facilities. Further choice is available in the nearby towns of Shepton Mallet and Frome with the cities of Bath, Wells and Bristol all being within easy commuting distance.
Description
A single ring fenced block of productive permanent pasture land extending to approximately 51.62 acres (20.89 Ha) in total. The south western portion of the land is located close to the residential development boundary in the village of Coleford. The land benefits from a wide gated access point directly from the public highway from the lane that runs along the northern boundary. The boundaries comprise mature hedges and trees
providing good natural shelter together with drainage ditches throughout. In addition there is a natural lake and watercourse within the land providing natural watering. The land has most recently been used for livestock grazing and fodder production however offers potential for a number of end uses to include amenity, conservation and equestrian use, subject to gaining the necessary consents.
Services
We understand the land benefits from a mains water supply to a water trough on the land.
Tenure
The land is of freehold tenure with full vacant possession available upon completion of the purchase.
Method of Sale
The property is offered for sale by Private Treaty.
Agri Environment Schemes
We understand the land is entered into a countryside stewardship, until 31st December 2025. Other than this, the land has not been entered into any agri environment schemes. As a result, prospective purchasers are free to enter the land into a scheme should this be of interest.
Designations
We are not aware of any designations affecting the land.
Flood Zone
The property is at very low risk of flooding, (defined as the chance of flooding each year as less than 0.1%).
Town and Country Planning
The land, notwithstanding any description contained in these particulars is sold subject to any Development Plan, Tree Preservation Order, Town Planning Schedule, Resolution or Notice which may be or which may come to be in force, and also subject to any statutory provision of byelaws without any obligation on the part of the Vendors to specify them and the Purchaser shall be deemed to have full knowledge of and to satisfy themselves about the provisions of any such matter affecting the property.
Directions
From Frome head west onto Egford Hill towards Mells turning right onto Knaptons Hill. Continue through Mells to Vobster turning left at the junction followed by a turning right next to the Vobster Inn taking the road into Highbury/ Coleford. Continue through the village on Anchor Road, taking the next turning right after Brewery Lane. Continue on this lane for approximately 0.6 miles and the land will be located on the right hand side. It will also be indicated by the agents for sale boards.
Rights of Way, Easements
There are three footpaths that traverse the land. The property is offered for sale subject to and with the benefit of all matters contained in or referred to in the property charges register of the registered title together with all public and private rights of way, wayleaves, easements and other rights of way whether these are specifically referred to or not.
Access
The property is accessed directly from the public highway via a large gateway.
Overage Clause
There will be NO overage clause attached to the sale.
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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