Buying a flat in a Grade II listed building

cublet

Hi all,

I'm hoping to buy a flat in a Grade II listed building.

But I'm concerned about having to pay more because of its status, as it's stretching me already.

Am I right in thinking the Management Company should have a reserve in case of emergencies? Even so, could extra costs for the upkeep of the outside of the building come my way as a leaseholder?

It's very near the town hall/art gallery in a big city, so I can't see how the leaseholders alone can be responsible for the upkeep. However, I guess someone has to!

Basically, I only want to go ahead if I can be pretty much certain I won't incur extra costs. Even if it means getting some sort of insurance.

If anyone can advise (as you can tell probably, I'm quite clueless...) I'd be so so grateful.

C x

BitterAndTwisted

cublet wrote: »

Hi all,

I'm hoping to buy a flat in a Grade II listed building.

But I'm concerned about having to pay more because of its status, as it's stretching me already.

Am I right in thinking the Management Company should have a reserve in case of emergencies?

Not all service-charges include a contribution towards a sinking-fund. You should have your conveyancing solicitor ask about this.

Even so, could extra costs for the upkeep of the outside of the building come my way as a leaseholder?

Could? It's almost certain that they will.

It's very near the town hall/art gallery in a big city, so I can't see how the leaseholders alone can be responsible for the upkeep. However, I guess someone has to!

Basically, I only want to go ahead if I can be pretty much certain I won't incur extra costs. Even if it means getting some sort of insurance.

If anyone can advise (as you can tell probably, I'm quite clueless...) I'd be so so grateful.

As you say, someone has to and any costs the freeholder incurs will be passed on to the leaseholders.

There are almost certainly going to be restrictions on what you can do to the inside of the property as to style and materials used.

Thrugelmir

cublet wrote: »

It's very near the town hall/art gallery in a big city, so I can't see how the leaseholders alone can be responsible for the upkeep.

Why not. It's your property.

The upkeep of a Grade 2 listed building will be higher than that of a standard property.

cublet

Thanks everyone. Your advice is excellent.

I've put an offer in - but now have so many questions!

Is it the done thing to ask the vendor/estate agent about some of these questions...even though we're in negotiation....?

I feel like there's a lot I need to know before proceeding.

C

Snakey

I just moved into a listed flat. I managed to find out a fair bit on the internet (both about listed buildings generally and my estate in particular) so I'd start there if I were you and then if that throws up specific questions you can fire them off to the estate agent.

I believe that, speaking very generally, I can't do anything to my flat that makes a difference to how the building looks from the outside - I don't know whether there is any sort of "consent not to be unreasonably withheld" type clause (whereby an extractor fan or boiler vent might be OK but not a Sky dish or a conservatory), my suspicion is probably not although I haven't had any need to prod the edges of this one so far. I have no restrictions, other than the normal planning consents, on what I do to the inside.

My building is council and I don't think they are allowed to collect a sinking fund. It is pretty clear that outside refurbishment costs are going to be higher as a result of all the restrictions that they'll have to operate under. Also, this might not only affect your capital contributions but also it could mean that you are stuck with ongoing inefficiencies e.g. not being able to have double-glazing would increase your heating bills forever.

Annisele

I live in a listed flat. I rent it, so I don't (directly) pay for the maintenance, but my neighbours do.

I think you almost certainly will end up paying extra costs at some point. Here, it feels like English Heritage gets involved whenever anybody wants to do anything - the freeholders even had to pay for archaeologists when they wanted to dig a hole. (It was a pretty big hole, but still).

And as Snakey says, we're stuck with single glazing. Some of the flats are pretty dark, but nobody is allowed to add windows.

mollymunchkin

Please be aware that the inside of the flat is covered by the listing too. So if the flat has original fireplaces, doors, ceiling roses, etc then these are covered by the listing. If you want to alter the inside (removing walls etc) you'll need to get listed building consent first. English Heritage has lots of info on their website.