Frances is correct in saying there is no official footpath from Montpelier, although strangely there is a footpath sign, and two or three bridges built across the main river, and later a couple of small tributaries. These get you to the cairns at SC 359 880, which is about a third of the way to The Close.
I've got a sore right knee at the moment, but if it gets better I might go for a walk to test the route. I live in Ballaugh, so it's not far away. I might even be able to ffer my services as a guide!
DavidR