How do you get a mortgage to buy a Grade II listed Victorian estate like Sendholme?

How do you get a mortgage to buy a Grade II listed Victorian estate with lots of land? Like the one for sale in Potters Lane, Woking, Surrey.

A rare and stunning Surrey country estate has come to the market offering a Grade II-listed Victorian manor house, extensive grounds, equestrian facilities, a lake, a cricket pitch and more than 120 acres — all within commuting distance of London. It was built in 1863 by the Victorian architect George Devey for Captain William G. Hargreaves. 

Sendholme, in Potters Lane, Send, near Woking, is being marketed by Savills with a guide price of £9.85 million for the whole estate. Country Life describes it as a “commutable country estate” with a lake, its own cricket pitch and a vast swathe of Surrey countryside. The estate is around 29 miles from central London, with Woking station approximately 3.9 miles away and trains to London Waterloo from about 24 minutes.

What does the Sendholme sale include?

The whole estate extends to about 121 acres and is being offered either as a whole or in three lots. Savills lists the main house as having 15,823 sq ft, eight bedrooms, five bathrooms and four reception rooms.

Lot 1, guided at £8.35 million, includes the main eight-bedroom manor house, a two-bedroom staff or guest cottage, a three-to-four-bedroom gate lodge, stables, manège, garaging, cricket pitch and pavilion, lake, water meadows and approximately 65.2 acres.

The house also has a leisure wing, an orangery, twin changing rooms, a gymnasium and a swimming pool and pool room, although Savills notes the pool area requires refurbishment. There is also a basement with storage rooms and a wine cellar.

The grounds include formal gardens, mature specimen trees, a tennis court, kitchen garden, Victorian-style greenhouse, chicken coop, eight stables, a summer house, wooded areas, water meadows leading towards the River Wey and even an air-raid shelter.

Lot 2, guided at £500,000, comprises Cricketshill Farm with farm buildings, stores and around 7.52 acres. Lot 3, guided at £1 million, comprises about 48.56 acres of farmland east of Potters Lane, currently used for arable farming and grazing livestock.

Could you get a mortgage on a property like this?

Yes, it is possible to get a mortgage on a property like this, but it would not be a standard high-street mortgage application.

A purchase at this level would normally be handled as a large loan, often through a private bank or specialist high-net-worth lender. The lender would look closely at the borrower’s income, assets, liquidity, business interests, investment portfolio and wider financial position.

With an estate like Sendholme, lenders may also take a closer look at:

• the Grade II-listed status;
• the amount of land included;
• whether any land or buildings are let or commercially used;
• the condition of the swimming pool and leisure facilities;
• the outbuildings, stables and farm buildings;
• how much work it needs
• access, footpaths, title restrictions and overage clauses;
• whether the property is being bought as a main residence, second home, company purchase or part-residential/part-commercial estate.

Savills’ listing notes that parts of the estate are let to a local farmer, there are footpaths affecting parts of the land, and there is an overage restriction on Lot 3 expiring in 2030. These are not necessarily problems, but they are exactly the sort of details a lender’s valuer and solicitor would review carefully.

How much deposit would you need?

For a £9.85 million purchase, buyers should expect to put down a substantial deposit. Some private banks may consider higher loan-to-value lending for the right client, especially where assets are being managed by the bank, but many buyers at this level use a deposit of 20% to 40%.

Indicative examples:

 

Those figures do not include stamp duty, legal fees, valuation costs, surveys or refurbishment costs. On a property with a pool needing refurbishment and extensive grounds, buyers would also need meaningful cash reserves after completion. Any lender would want to know what the land is going to be used for and that an owner would have the capital to run the estate over the long term.

What income would you need to buy this country estate?

For mainstream borrowers, many lenders commonly work around 4 to 4.5 times income, although high earners with strong deposits and clean credit profiles may be able to access higher multiples in some cases. Trinity Financial’s suggests 4 to 4.5 times income is a basic rule, but higher earnings, larger deposits and a strong credit record can push borrowing higher.

On a £9.85 million purchase, using simple income-multiple estimates:

At a notional 4.75% mortgage rate over 25 years, a £6.4 million repayment mortgage would cost roughly £36,500 per month. On interest-only, it would be around £25,300 per month before capital repayment. These are illustrative figures only, and the actual rate, term and structure would depend on the borrower and lender.

Private banks may be more flexible than mainstream lenders, particularly for clients with complex income, bonuses, dividends, carried interest, business-sale proceeds or substantial investments. Some buyers may also use an interest-only mortgage, assets under management, Lombard lending or a bespoke repayment strategy.

What about stamp duty?

For a £9.85 million residential purchase in England, standard Stamp Duty Land Tax would be approximately £1.096 million, based on current residential rates. If the buyer already owns another property and the 5% additional-property surcharge applies, the SDLT bill could rise to approximately £1.588 million. HMRC says buyers usually pay 5% on top of SDLT rates when buying an additional residential property.

The SDLT position on a country estate with land, farm buildings or commercial elements can be complex, so buyers should take specialist tax advice before exchanging contracts.

What type of buyer would purchase Sendholme?

The likely buyer would be a high-net-worth or ultra-high-net-worth individual or family looking for a private country estate within reach of London. Potential buyers could include:

• entrepreneurs who have sold or scaled a business;
• private equity, hedge fund or investment professionals;
• international buyers wanting a Surrey base near London and major airports;
• families relocating from London for space, schools and privacy;
• equestrian buyers;
• buyers wanting a trophy home with leisure, sporting and entertaining facilities;
• estate buyers who see value in owning land, cottages, outbuildings and long-term optionality.

Sendholme’s appeal, and other properties with land and outbuildings, is not just the house. It is the combination of scale, privacy, location and amenities: a substantial listed manor, guest and staff accommodation, lodge, stables, manège, lake, tennis court, cricket pitch, pavilion, farmland and water meadows — all within commuting distance of London.

Source: Savills website

Speak to a Trinity Financial adviser today

Trinity Financial has access to private banks and specialist lenders that can consider large mortgages for high-net-worth borrowers, including complex income and country estate purchases.

Call Trinity Financial on 020 7016 0790 to secure a country estate  mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

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