The monument has stood on the Blackdowns since 1817
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A detailed survey is to take place of the Wellington monument on the Blackdown Hills in Somerset.
The National Trust will use £41,000 of Lottery money to examine the monument's core and structure to produce a long-term strategy.
The monument was closed to the public in 2005 and safety barriers erected after cracks were discovered.
It was built as a tribute to the Duke of Wellington's military achievements at the Battle of Waterloo.
Further funding will be needed for the restoration work - planned for 2008/9 - which could cost up to £3m to complete.
An initial survey carried out in 2005 showed cracks on all faces and water penetrating the building, reaching the core of the monument walls.
The 2007 survey will examine the core of the monument and analyse the stone, mortar and structure in more detail. It will also enable the trust to prepare a detailed specification for future works.
A trust spokeswoman said: "We need to ensure that the repair option that is finally chosen is a long-term option.
"Previous repairs have not lasted which has entailed re-visiting the structure approximately every 15 to 20 years."
The Wellington Monument has stood as a landmark on the highest point of the Blackdown Hills since 1817.