Error "The request failed with HTTP status 404: Not Found" or "Team Foundation services are not available from server" when setting up version control with Team Foundation Server (4285305)

When connecting to Team Foundation Server via the Version Control Wizard, the following error occurs on entering the server details:

"The request failed with HTTP status 404: Not Found."

and/or

“The request failed with HTTP status 400: Bad Request.”

or 

"The request failed with HTTP status 403: Forbidden" (if using ip address instead of host name)

or

"Team Foundation services are not available from server"

Not properly specifying the entire Team Foundation Server URL

If you don’t have access to your Team Foundation Server, you can check in Visual Studio 2010. In the Team Explorer, click on ‘Connect to Team Project.’ At the ‘Connect to Team Project’ window, click on ‘Servers.’ You should be able to see the full URL on the resulting window. Copy for use in Toad.