For many people, owning a listed property is a long-standing dream: the idea of living in a home with such a long heritage – that has been certified by the state as representing a part of British history which needs to be preserved for future generations – is an incredibly romantic one, and those lucky enough to be able to acquire such properties invariably do so with a great deal of pride. Moreover, on the whole listed properties tend to keep their value better than other homes and are more immune to market fluctuations.
However, buying a listed property entails accepting certain responsibilities and limitations which shouldn’t be taken lightly. Most obviously, you will need to get local authority consent for any changes you may wish to make to the home – and this could be something as apparently inconsequential as putting up a satellite dish. Listing applies to both the exterior and interior of a building and failure to get the appropriate consent is a criminal offence. In particular, proposed changes to any elements of the property mentioned in the original listing are very unlikely to be approved (those elements, after all, are what gives the home its listed status) so prior to purchasing make sure you are entirely happy with keeping all the parts of the property specifically highlighted in its listing.
In general, it’s simpler to add to the property than to change or get rid of existing features; adding extra rooms, a conservatory or a pool (as long as these don’t compromise the existing home) is more likely to be approved than a request to demolish a wing or reshape a façade. Because at the point of any future sale you need to be able to demonstrate compliance with the law you should keep a record of any changes, and the approvals granted, which you can show buyers.
Listed homes can be harder to obtain mortgages for thanks to extra concern over their re-saleability. You may wish to deal with specialist finance companies and solicitors experienced in handling listed buildings. It’s also worth bearing in mind that even prior to resale, listed homes can be more expensive to occupy and maintain than other properties (in part because they tend to be much older); before finalising a purchase get as firm an idea as possible of upkeep costs, prioritising protection from damp and insulation – both factors which, if neglected, can lead to very expensive damage down the line.
If you are thinking of buying a listed property and require expert advice, contact LPL on 0333 305 5189 or at enquiries@lpropertylawyers.co.uk or visit their website at www.lpropertylawyers.co.uk
