Plot for sale

£225,000 Guide Price

Floorplan

An exceptional development opportunity with a positive Pre-Planning Application response from Somerset Council. The Buildings at Lower Farm comprise a range of traditional farm buildings with potential for conversion, subject to gaining the necessary planning consent.

LOCATION
Lower Farm House is situated along a quiet no-through lane in the desirable village of Limington, within the administrative area of Somerset Council. Located nearby to Ilchester and the Royal Naval Town of Yeovilton, Limington offers a parish church and the Lamb and Lark Inn public house, a popular spot for dining, attracting guests from far and wide.

The neighbouring and larger village of Ilchester (1 miles) provides most local needs with a number of shops, two hotels, two public houses, a doctors surgery, a dental practice and a fuel station/convenience store.

Both Yeovil and Sherborne are within an easy drive where a comprehensive range of shopping, business and cultural facilities can be found along with an excellent collection of restaurants, public houses and cafs. Yeovil benefits from a number of sporting facilities including several golf courses in the area, Yeovil Town Rugby Club and Yeovil Town Football Club. There are extensive opportunities for equestrian sport and active sailing clubs are based at Sutton Bingham Reservoir.

Being close to the borders of Dorset and the gateway to the Jurassic coast, you will find yourself within easy access to some of the most beautiful rural and coastal areas in the south west.

DIRECTIONS
From Yeovil take the A37 in a northerly direction towards Ilchester and on entering Ilchester, take the turning immediately after the car park on the right hand side onto Limington Road. Continue on this road for approximately 1 mile until you reach the crossroads. Turn left onto Mill Lane and the driveway and entrance will be immediately on the right hand side, indicated by a GTH for sale board.
Sat Nav: BA22 8EJ
What3Words: butternut.compose.grow

COMMUNICATIONS
Road The A303 is conveniently located just 1.5 miles to the west, providing links to the M5 motorway at Taunton (Junction 25) via the A358 and links to London.

Rail Yeovil Junction is located approximately 8 miles to the south east, Sherborne Railway Station is approximately 9 miles to the south east and Castle Cary Station is approximately 13 miles to the north east. All stations provide mainline services to destinations such as Exeter St Davids, London Paddington and London Waterloo.

Air Bristol Airport is located approximately 38 miles to the north. It has scheduled and chartered flights to a range of national and international destinations. Exeter Airport is located approximately 42 miles to the south west.

ACCESS
The Buildings are accessed directly from Mill Lane, a quiet no through lane, via gateway leading into a concreted yard area. The site adjoins residential properties to the north, south and west and is surrounded by agricultural land to the east. It extends, in total, to approximately 0.42 acres (0.17ha).

PLANNING
Greenslade Taylor Hunts Planning Team have recently undertaken a Pre-Application with Somerset Council with regards to the proposed conversion of the existing traditional barns to residential dwellings. The advice received was positive and the written response is available upon request.

We understand each of the properties are situated within the Limington Conservation Area and are listed by association to the Farmhouse.

LOTTING
The Buildings shown edged and shaded blue on the attached site plan. The plan is shown for identification purposes only and is not be relied upon.

Interested parties are invited to discuss alternative proposals with the selling agents with regards to lotting if they so wish.

METHOD OF SALE
We are offering the freehold for sale by Private Treaty.

VIEWINGS
All viewings are strictly by appointment only with the selling agents.

BUILDINGS AT LOWER FARM
The Buildings at Lower Farm comprise a range of traditional stone built buildings centred around a predominately concreted courtyard area and may be further described as follows:

Garage The garage adjoins the former Grain Store and has a gross internal area (GIA) of approximately 23.17 sq. m.

Grain Store The Former Grain Store is of stone construction under a tiled roof and is positioned opposite the former stables. It is accessed via a set of stone steps leading from the courtyard and has a gross internal area (GIA) of 69.75 sq. m.

Stable BlockThe Former Stables are also of stone construction beneath a tiled roof with a concrete floor, comprising five compartments with timber partitions. Adjoining this is a further single storey 6-bay Storage Shed opening into the courtyard.

Dutch Barn - A steel portal framed Former Machinery Store with profile sheeted roof and earth floor.

Stone Storage Barn - (5.41m x 3.78m) A stone built barn beneath a pitched tiled roof which is utilised for general storage purposes. The eastern elevation is open.

We understand the traditional buildings forming part of this lot are listed by association to Lower Farmhouse.

To the rear of the buildings is a hardcore yard area with a small area of orchard which adjoins the Stone Storage Barn. The property extends in total to approximately 0.42 acres (0.17 ha) or thereabouts.

TENURE AND POSSESSION
Freehold with vacant possession available on completion.

SERVICES
We understand this property benefitted from a historical mains water, mains electricity and mains sewerage supply however, this has been disconnected for a number of years.

Prospective purchasers are to make their own enquiries in this regard.

All interested parties should make their own enquiries of the Statutory Utility Providers.

SPORTING & MINERAL RIGHTS
Sporting and mineral rights are included within the sale.

LOCAL AUTHORITY
Somerset Council
The Council Offices, Brympton Way, Yeovil BA20 2HT
T:
W:

RIGHTS OF WAY, EASEMENTS, WAYLEAVES, ETC.
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.

We are not aware of any public rights of way traversing the property.

AGENT NOTES
Prospective purchasers should be aware that the vendors of the property have recently submitted a pre planning application in relation to potential residential development of the land situated to the south east of Lower Farmhouse.

VALUE ADDED TAX
The seller has not and will not opt to tax; therefore, VAT will not be payable in addition to the purchase price.

All interested parties should make their own enquiries with HMRC.

MEASUREMENTS & OTHER INFORMATION
All measurements are approximate. Any field numbers and areas shown on the attached plan are based on the Ordnance Survey and are for identification purposes only. They do not necessarily correspond either with the National Grid plan numbers or with those produced on the Rural Land Register.

Whilst we endeavour to make our sales particulars as accurate and reliable as possible, if there are any point which is of particular importance to you please contact the office, especially if you are contemplating travelling some distance to view the property. We have not tested any of the equipment, appliances, central heating or services.

IMPORTANT NOTICE
For clarification we wish to inform any prospective purchasers that we have prepared these sales particulars as a general guide. They must not be relied upon as statements of fact. We have not carried out a detailed survey, nor tested the services, heating systems, appliances and specific fittings. Room sizes should not be relied upon for carpets and furnishings. If there are points which are of particular importance to you please contact the office prior to viewing the property.

Mortgage Calculator

Your property may be repossessed if you do not keep up repayments on your mortgage.

Monthly Payment: £973.05

Total Interest: £125,298.16

Overall Total: £350,298.16

Amortization For Monthly Payment: £973.05 over 30 years ( Based on 3.20% Interest )

YearInterest Principal Balance 
2025£7,133.76 £4,542.85 £220,457.15 
2026£6,986.23 £4,690.37 £215,766.78 
2027£6,833.92 £4,842.68 £210,924.09 
2028£6,676.66 £4,999.94 £205,924.15 
2029£6,514.30 £5,162.31 £200,761.84 
2030£6,346.66 £5,329.95 £195,431.89 
2031£6,173.58 £5,503.03 £189,928.86 
2032£5,994.87 £5,681.73 £184,247.13 
2033£5,810.37 £5,866.24 £178,380.89 
2034£5,619.87 £6,056.74 £172,324.15 
2035£5,423.19 £6,253.42 £166,070.73 
2036£5,220.11 £6,456.49 £159,614.24 
2037£5,010.45 £6,666.16 £152,948.09 
2038£4,793.98 £6,882.63 £146,065.46 
2039£4,570.47 £7,106.13 £138,959.33 
2040£4,339.71 £7,336.89 £131,622.43 
2041£4,101.46 £7,575.15 £124,047.28 
2042£3,855.46 £7,821.14 £116,226.14 
2043£3,601.48 £8,075.12 £108,151.02 
2044£3,339.26 £8,337.35 £99,813.67 
2045£3,068.51 £8,608.09 £91,205.58 
2046£2,788.98 £8,887.63 £82,317.96 
2047£2,500.37 £9,176.24 £73,141.72 
2048£2,202.38 £9,474.22 £63,667.49 
2049£1,894.72 £9,781.89 £53,885.61 
2050£1,577.07 £10,099.54 £43,786.07 
2051£1,249.10 £10,427.51 £33,358.57 
2052£910.48 £10,766.12 £22,592.44 
2053£560.87 £11,115.74 £11,476.70 
2054£199.90 £11,476.70 £0.00 

Return on Investment

£
£
£
£

Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.

Mortgage Required

£ 177,075

Mortgage Loan to Value

79%

Gross Yield

12%

Annual ROI

35%

Annual Rental Profit

£ 12,028

Cumulative Rental Profit

£ 120,276

Cost of Purchase

£ 8,325
  • Stamp Duty
    £ 0

    Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.

  • Refurbishment Budget
    £ 5,625
  • Survey Costs
    £ 400
  • Mortgage Fees
    £ 1,000

    Your home may be repossessed if you do not keep up repayments on your mortgage.

  • Legal Fees
    £ 1,300

Adjust these figures

£

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.

Annual Costs

£ 14,972
  • Mortgage Interest
    £ 7,968

    The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.

  • Letting and Management Costs (Inc VAT)
    £ 3,564
  • Letting Fee
    £ 240
  • Maintenance
    £ 2,700
  • Insurance
    £ 500
  • Ground Rent
    £ 0
  • Service Charge
    £ 0

Adjust these figures

  %
  %
£
  %

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.

Total Profit

£ 253,453
  • Final Equity Profit
    £ 133,176

    Final Equity Profit = Final Property Value - Mortgage Required - Investment

  • Cumulative Rental Profit
    £ 120,276

    Cumulative Rental Profit = Annual rental profit x Time of Investment

Adjust these figures

  %

This is the assumed rate of house price inflation.

Final Property Value

£ 366,501

This is the property value at the end of the investment based on an assumed rate of % house price inflation.

Notes

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