Buying a Grade 2 thatched property

Gladallover

Hello,
Just looking for some advice on buying our first home.

After many years of saving my boyfriend and I have finally saved enough of a deposit to start looking at houses :j. We have arranged a mortgage in principle so we now need to find a place and get the ball rolling!

We spotted a lovely cottage that we both loved the look of on the market for £200,000 but it was a little out of our price range so we dismissed it straight away. However I looked again today and the price has just been reduced to guide price £150,000 so we are very excited to go and look at it.

I'm a little weary as it is grade 2 listed with a thatched roof. I have heard a lot of people warn against listed properties and I know repairing/replacing thatch can be expensive. The sudden price reduction also worries me a bit (the property was first put on the market for £275,000 just over 2 months ago).

Does anybody know if lenders are happy to provide mortgages on this type of property or could it be difficult?

We are both very new to all of this so any advice will be much appreciated, especially regarding any hidden costs involved in buying a period house.

Thanks,
Becca

pinkteapot

One thing to be aware of is that home insurance is more expensive for both listed and thatched properties, so doubly so if it's both!

If you end up going for it, find a local independent surveyor who's a specialist in these types of properties - don't just use the bank's valuation guy.

The downsides of listed are that (1) it's a lot more difficult to make changes to the property (but if you're happy with it as is then this isn't a problem) and (2) general repairs and maintenance are often more expensive because you'll need specialist tradesmen.

I love the look of thatch but my mum worked as a household insurance underwriter and banned me from ever owning a thatched cottage as she saw the insurance claims that came in. :rotfl: More info on insuring a thatched property:
http://www.moneysupermarket.com/home-insurance/thatched-roof/

I also seem to remember that thatch needs replacing roughly every 50 years but should be checked annually. Just this morning I cycled past a cottage being re-thatched. So worth asking on a viewing if they know when it was last replaced.

Strapped

I'd be extremely surprised if you could strike a deal for £150k with vendors who originally listed for £275k. Unless there is something majorly wrong which has come to light (has it been under offer recently?) Or does "guide price" imply it is going to auction?

But to answer your Q, thatch is not necessarily a big issue, but does need replacing every 20-50 years depending on quality, and can be a fire risk so insurance can be much higher. I'd be more concerned by the Grade II listing though, which will limit what you can and can't do with the property (including what type of thatch you use, windows, layout, etc) - so if you were planning on changing anything, you may not be able to. Period property generally has higher maintenance costs. I'd be tempted to say maybe not one for a FTBer, esp if budget is already tight, unless you have people around you with experience who can lend a helping hand.

pinkteapot

Lots of houses round here say "guide price". Tends to mean that the owner wants that figure. As opposed to asking price £150k and then they get people offering £125k.

OP - don't get excited and think it's a bargain because it's come down from £275k. Check what else is on the market - it may just have been seriously over-priced to start with. We've viewed a few now that have been on the market for ages, and when we've viewed it's always become obvious why no-one else has gone for it.

jamesml

Don't forget as well, that issues with insurance and grade 2 etc will put off future buyers - it may or may not impact your decision but you might want to think about whether its an issue to you.

phoebe1989seb

We currently live in a Georgian thatched house that we purchased in 2011. It isn't listed though, but we have found our insurance premiums are much higher than they were at our previous (Tudor origin, also non-listed ) house. This is partly down to the fact that we also have a stream running through our garden as well as a large multi-fuel burner that I know for a fact increases premiums. We found that a small, specialist insurer was the way to go.

Fortunately our thatch was replaced by the previous owner in 2008, but given time we know that the ridge will be the first to go.

Despite what other posters say, you may well get a *deal* price-wise - one listed (but not thatched) house we offered on, but later decided against, was originally on for £400k+. It sold a couple of years later (having gone unsold at auction with a £200k guide) for £182k! What appears to be a bargain at first may well turn into a money pit however, as previous posters are correct in saying that with listed buildings everything has to pass muster with the Conservation Officer and corners cannot be cut.....and indeed huge *reductions* in price may be a result of either significant works required or previous works done without LBC!

I'd agree that older (and particularly listed) buildings are not for the faint-hearted and a bit of a challenge for a FTB, but that's no reason to discount it entirely. We've been tackling project houses since our early twenties and now DS is following in our footsteps

Good luck with whatever you decide OP!

Itismehonest

I second what Strapped has said.

My first thought (given that even £275 for a listed thatched cottage would be considered a good price in this part of the country - if in good order) was to wonder if any work had been carried out in breach of listing. The responsibility to put things right would fall on you once the property became yours.

I'd be extremely careful to ensure that every aspect of the property is gone over with a fine tooth comb before you commit to make sure you don't buy something which ends up costing you a fortune you hadn't accounted for.

AAS

I have been renting a thatched cottage for 5 years and am about to buy my first house, not thatched!

I love the house we rent it is quirky and loads of charm but would I buy it? Sadly no. If we had loads of spare cash then probably but if you are like us and have saved nearly ten years and don't have amazing incomes it may turn out to be a bad decision! We found it hard to get contents insurance and you are looking at specialist insurance. If there are problems then you will be paying a premium for some tasks due to the listing. Ours was re thatched two years ago and I hate to think of the cost, also survey may flag up issues with subsidence, damp etc... Considering they have been habitable for 100s of years it seems silly but adds to the stress of buying with a mortgage. If the process of buying doesn't put you off then you could end up with a great house with loads of character. However the price reduction suggests a problem, worth a look but ask a LOT of questions and if you are still keen get a good surveyor with lots of experience and don't fall in love with it.

Good luck!

Mr_Moo_2

Not promoting this organisation, but a quick search brings up what looks like a sensible list of questions to consider -

http://lpoc.co.uk/help-and-advice/questions-and-answers/

Separate out the thatching and listing - both have their own issues & risks which are well covered by the posts above ^^^^

Full_of_angst

I have just sold (complete on 12th August) a grade 2 listed house (oldest part of it about 300 years old and the rest of it Georgian). I have to say I have not been bothered at all by the fact that it is grade 2 listed (and it's in a conservation area which adds to its restrictions). I have lived here for 10 years and haven't wanted to do any major changes or developments so I haven't personally had to deal with the conservationists. However, in the late 90's it had a loft conversion and a porch built which joined a separate building to the main house. I have got copies of all the plans and the correspondence involved in getting all the necessary consents and it is a box file! Letters back and forth about what sized dormers and what sort of bricks a mortar to use etc. Several plans were rejected as the conservationists insist on use of materials and methods even if they do not comply with today's standards and regulations (as an example they did not approve of leading around the dormers as it was not in keeping with the building's heritage). However, oddly they did approve of white plastic guttering! So even though it's a bit of a pain getting permissions in place it's not always the most costly options.

If you do decide to buy this house and find there's no major structural defects (which the huge price drop makes me wonder if there is) I'd say go for it; I've loved being custodian of this lovely old house - even though I'm more than happy now to be handing the responsibility over to someone else

SG27

I own a grade II listed 300+ year old cottage and I would say the benefits of owning a unique part of history far out way the downsides. Major maintenance will cost more. The little things are pretty much the same though.

Buildings insurance is no more expensive than normal for being listed, at least not with our insurer anyway. The thatch is the only issue I would be a bit concerned about but if you do your research into owning a thatched property then you'll know what to expect.

Get a surveyor who understands listed properties and their needs, or preferably specialises in them. A normal surveyor will be recommend damp proof courses and wood worm treatment when it's not necessary and could even be harmful to the building.