Mortgage on Grade II listed house
Discussion
Hi All,
Mrs White and I have been looking for a house for over a year and have finally found the perfect place. However the snag is it's Grade II listed and while we know the potential problems and are happy to take it on, we will need a 90% mortgage to buy it.
Does anyone know who might offer a 90% mortgage on a listed building? Most building societies we have found who lend on Grade II limit LTV to 75-80%
Any advice will be very much appreciated, with an invite round for the house-warming BBQ if we're successful!
Mrs White and I have been looking for a house for over a year and have finally found the perfect place. However the snag is it's Grade II listed and while we know the potential problems and are happy to take it on, we will need a 90% mortgage to buy it.
Does anyone know who might offer a 90% mortgage on a listed building? Most building societies we have found who lend on Grade II limit LTV to 75-80%
Any advice will be very much appreciated, with an invite round for the house-warming BBQ if we're successful!
Mr. White said:
it's Grade II listed and while we know the potential problems and are happy to take it on,
Just checking - are you SURE you've fully grasped the implications of listed status? I'll be honest and say that would have me running for the hills. Amongst other things, it makes the house harder to sell when the time comes.Ozzie Osmond said:
Just checking - are you SURE you've fully grasped the implications of listed status? I'll be honest and say that would have me running for the hills. Amongst other things, it makes the house harder to sell when the time comes.
Not round here. (Hampshire.) People love it.This guy (a while ago) also found the opposite.
http://www.telegraph.co.uk/finance/property/335864...
Personally the downside is that it usually means an old house, which costs an arm and a leg to heat and keep in a decent state of repair.
We have sash windows on a constant cycle of repair/replace which costs at least £1-2k per annum.
And obviously getting planning to put in a shoe rack or change the angle of your TV is a slight ball ache...
Ozzie Osmond said:
Mr. White said:
it's Grade II listed and while we know the potential problems and are happy to take it on,
Amongst other things, it makes the house harder to sell when the time comes.Around here it's the listed that move with the new builds stuck on the market.
Fittster said:
Ozzie Osmond said:
Mr. White said:
it's Grade II listed and while we know the potential problems and are happy to take it on,
Amongst other things, it makes the house harder to sell when the time comes.Around here it's the listed that move with the new builds stuck on the market.
walm said:
And obviously getting planning to put in a shoe rack or change the angle of your TV is a slight ball ache...
That depends on the conscientiousness of the Local Authority and more particularly the conservation officer. Some LAs don't care as long as you don't knock it all down and rebuild it.And on grade 2 they are normally only bothered about the external appearance and structure, putting up a shelf or even re-doing the kitchen are not normally things they worry about.
Ean218 said:
That depends on the conscientiousness of the Local Authority and more particularly the conservation officer. Some LAs don't care as long as you don't knock it all down and rebuild it.
And on grade 2 they are normally only bothered about the external appearance and structure, putting up a shelf or even re-doing the kitchen are not normally things they worry about.
Well on my place they insisted on forensic analysis of a random pillar in the middle of the kitchen we wanted to remove.And on grade 2 they are normally only bothered about the external appearance and structure, putting up a shelf or even re-doing the kitchen are not normally things they worry about.
They were VERY concerned about the internals.
What we didn't realise was that they had absolutely no idea about what the internals are like, and hence with nothing to compare against we could have done whatever we wanted and claimed it was there when we bought the place.
More fool us for inviting them in!!
Fittster said:
Ozzie Osmond said:
Mr. White said:
it's Grade II listed and while we know the potential problems and are happy to take it on,
Amongst other things, it makes the house harder to sell when the time comes.As regards the OP it all depends exactly what he's looking at, and where.
Ozzie Osmond said:
Yes, it depends on area. However, auction listings often contain listed properties where the restrictions/cost of restoration have made it very difficult to find a buyer.
As regards the OP it all depends exactly what he's looking at, and where.
Ah - yes, that makes sense.As regards the OP it all depends exactly what he's looking at, and where.
But for something in OK nick, with most of the mod-cons (central heating not coal fires, maybe some of this new-fangled "internet", running water and some sort of septic tank etc...), listing often commands a premium.
walm said:
Ozzie Osmond said:
Yes, it depends on area. However, auction listings often contain listed properties where the restrictions/cost of restoration have made it very difficult to find a buyer.
As regards the OP it all depends exactly what he's looking at, and where.
Ah - yes, that makes sense.As regards the OP it all depends exactly what he's looking at, and where.
But for something in OK nick, with most of the mod-cons (central heating not coal fires, maybe some of this new-fangled "internet", running water and some sort of septic tank etc...), listing often commands a premium.
As mentioned if the place has already been modernised and you don't want to make any structural changes then they are a much more attractive proposition.
My flat is in the top story a Grade II listed Regency property and I've had no problems. That said the previous residents installed a new window in the kitchen which isn't visible from the street.
One of the neighbours noticed and didn't beleive it was in keeping with the square and they had to replace it at great expense.
For me a few headchaes when making changes is well worth living in a place with considerable history. Cerainly preferable to living in any of the shoebox new builds round the corner which perversely are more expensive.
Err its kinda basic, it's listed because it's a nice house; personally I love the nonsense that is spouted about "running for the hills" etc, they can live in lovely barratt boxes and leave the nice georgian houses with character to us
I live in a grade ll listed house and sell them for a living, they command a premium if they have been maintained. If they aren't money pits they sell easily. Various things to bear in mind.
1) Insurance: don't insure for the market value, for instance my house is worth about £750k, the cost to totally rebuild it in original materials as a total loss is about £1.2m so that is what it is insured for.
2) various people will tell you that grade II is only the exterior, it's not it includes the inside. You can fit a new kitchen/bathroom etc but if you want to take walls out or add windows you need permission.
3) If there are changes you want to make, firstly have a look at what pictures of the inside you can find online; that is what the conservation officer will be able to find. Check it's planning history, if its had a planning application in the last 15-20 years its odds on that a conservation officer has been inside the house and taken pictures. You can invite the conservation officer round to discuss changes you want to make. I would suggest the approach should be "I really need your advice, I haven't lived in a listed building before and need your help". Then get round to what you would like to do.
Good Luck
I live in a grade ll listed house and sell them for a living, they command a premium if they have been maintained. If they aren't money pits they sell easily. Various things to bear in mind.
1) Insurance: don't insure for the market value, for instance my house is worth about £750k, the cost to totally rebuild it in original materials as a total loss is about £1.2m so that is what it is insured for.
2) various people will tell you that grade II is only the exterior, it's not it includes the inside. You can fit a new kitchen/bathroom etc but if you want to take walls out or add windows you need permission.
3) If there are changes you want to make, firstly have a look at what pictures of the inside you can find online; that is what the conservation officer will be able to find. Check it's planning history, if its had a planning application in the last 15-20 years its odds on that a conservation officer has been inside the house and taken pictures. You can invite the conservation officer round to discuss changes you want to make. I would suggest the approach should be "I really need your advice, I haven't lived in a listed building before and need your help". Then get round to what you would like to do.
Good Luck
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