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£750,000 Guide Price
BUILDING PLOT - APPROX. 1 ACRE
LAND WITH DEVELOPMENT POTENTIAL BACKING ON TO THE BEAUTIFUL AXE ESTUARY
A generously proportioned plot of land alongside the picturesque River Coly. It has a frontage to Swan Hill Road of about 37m (120) and is informally estimated at 1.1 acres with detailed consent for a 4 Bedroomed detached house. The land has been in the same family ownership for some 65 years and has been much loved and enjoyed as a secluded retreat. There is an old apple orchard with carpets of snowdrops and daffodils, a vegetable garden, and beyond the southern boundary is the unspoilt Axe Estuary.
The land is situated in the picturesque East Devon village of Colyford which has a thriving local community and facilities including a church, village hall, 2 pubs, post office and general store, butchers shop, cafe and the highly regarded Colyton Grammar School. The sea at Seaton is about 2 miles to the south and inland is the ancient country town of Colyton (approx. 1 mile). There is a mainline railway station at Axminster some 5 miles inland (Exeter to Waterloo line).
In summary, the land is situated in a superb location, probably the last of its kind in the village.
Planning - Detailed planning approval was granted in April 2023 for a 4 Bedroomed detached house. The plans can be viewed on the East Devon District Council Planning Portal. Application No. 22/2632/FUL. A copy of the consent is attached.
Material Information - Buyers are kindly advised to research this land and enquire with the marketing agent prior to arranging a viewing.
Local Authority: East Devon District Council
Tenure: Freehold
Conservation Area: this land is located within a Conservation Area. Buyers are advised to make enquiries with the local authority as to Conservation Area and planning related queries.
Flood Risk: the lower part of the land is designated by the Environment Agency as at risk of flooding. The Vendors advise that in their experience flooding has been minor. Consequently building on this section of the land is unlikely to be permitted.
The Vendor is not aware of any payment liabilities, restrictions on permitted development, covenants, tree preservation orders or rights of way/easements on this land.
Services - We understand the following to be correct but applicants should verify this with their own enquiries.
Electricity: Mains Availble.
Water: Mains Available.
Drainage: Mains Available.
Broadband and Mobile Signal/Coverage: See checker.ofcom.org.uk
Viewing - Strictly by appointment with the Vendors Agents, Martin Diplock Estate Agents of 36 Broad Street, Lyme Regis.
Directions - From Lyme Regis take the A3052 towards Sidmouth and Exeter for about 5 miles. Cross over the River Axe and the Tramway and enter the village of Colyford. The land will be found shortly on the left hand side just before the right turn to Colyton.
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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