Enfield Council's cabinet has backed a £4 million bid to the Heritage Lottery Fund in an attempt to save the historic Broomfield House in Palmers Green.
The Grade II* listed building is currently derelict and supported by scaffolding following three fires over the past two decades.
The new funding bid - drawn up by Enfield Council and the Broomfield House Trust, Friends of Broomfield Park and other interested local residents - would turn the building into a heritage and learning centre.
As well as being used by schools, the restored building is also seen as a potential conference venue.
Councillor Del Goddard, Enfield’s regeneration lead, said a “tremendous amount of effort” had gone into preparing the bid, particularly on the part of the Broomfield Trust and Friends groups.
“Broomfield House really needs restoring as we do not know how much longer it will last without urgent investment,” he said.
“In the circumstances the Heritage Lottery Fund has a real opportunity to help save this much loved, but distressed treasure; without their support I fear that the house may be lost to us.”