20a Rectory Lane Tooting, London SW17 9QJ
A freehold site of approximately 0.25 hectares – a former detached vicarage with substantial front and rear gardens. Development potential subject to the necessary consents. Vacant
- A freehold site of approximately 0.25 hectares (0.61 acres)
- Former detached vicarage with substantial front and rear gardens.
- Development potential subject to the necessary consents.
- By order of the Diocese of Southwark
A broadly rectangular site fronting Rectory Lane. The land shares a border with St Nicholas Churchyard to the west and residential properties to the north and south.
The existing vicarage is a circa 1960’s detached two storey 4 bedroom house.
It is considered that the site may be suitable for residential development subject to the necessary consents. The land is not within a conservation area and is not subject to any Tree Preservation Orders.
The Parish will retain a vehicular and pedestrian right of way over the site from the public highway to St Nicholas Churchyard -interested parties should refer to the legal pack for further information.
The Finance Options
As there is a dwelling on the site you are likely to obtain a higher leverage on the loan. This would come down to valuation. Depending on the deal terms and your personal situation you are likely to require a bridging loan once you’ve exchanged contracts. Typically, you have 4 weeks to complete a transaction once you have exchanged contracts and in an auction environment. You would have done that once you win the bid in the room.
The finance would be used in order for you to acquire the site until planning for a scheme on the site. Once this is complete you’d then require a development facility. That is something we can help with later on.
Indicative terms for a Bridging Loan would look something like:
Loan to Value: 70-75% gross loan.
Rates: 0.27% – 1% per month rolled up interest.
This is only a guide and if you require a Bridging Loan for this scheme or others kindly get in contact today.