Buying a listed building

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Discussion

Rangeroverover

1,522 posts

110 months

Tuesday 27th June 2017
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FrankAbagnale said:
I wont be much help there i'm afraid, although know the village well - popped in to the swan not too long ago. My father, uncle and eldest brother went to Pangbourne College and my younger sister and brother are there now. Also not a bad spot to see some nice motors!

Good luck on the purchase.
First thing is to remember to insure for a very expensive rebuild NOT the market value. Pangbourne prices are such that I suspect you will be OK. To give you an idea my house is probably worth about £700,000 it has to be insured for £1.2m as that is what it would cost to rebuild. The problem is if I insured for £700k and had a small claim of say £70k the insurers would say I am only 60% covered so would only pay out 60% of the £70k claim.

I use Ecclesiastical mainly as the previous owner used them and they will cover me for flooding (house had a £50k flood claim in 2000) tried NFU they were about £700 more p.a than ecclesiastical

bhippy

Original Poster:

168 posts

131 months

Tuesday 27th June 2017
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Thanks for all the replies.

NFU wouldn't take it, nor would John Lewis. Both said the flood risk was too high. Have decided to go with GSI as recommended on here. They were very helpful and found what I think is reasonably priced cover via RSA.

I had a listed buildings expert do a survey for me. Met him at the property to discuss - fascinating insight into how/when it was built!

Rebuild cost was indeed higher than the purchase price, although the cover from GSI is for a max of £1M which is higher than the estimate of the surveyor by some margin.




PistonBroker

2,406 posts

225 months

Tuesday 27th June 2017
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Rangeroverover said:
First thing is to remember to insure for a very expensive rebuild NOT the market value. Pangbourne prices are such that I suspect you will be OK. To give you an idea my house is probably worth about £700,000 it has to be insured for £1.2m as that is what it would cost to rebuild. The problem is if I insured for £700k and had a small claim of say £70k the insurers would say I am only 60% covered so would only pay out 60% of the £70k claim.

I use Ecclesiastical mainly as the previous owner used them and they will cover me for flooding (house had a £50k flood claim in 2000) tried NFU they were about £700 more p.a than ecclesiastical
Market value has no relation to the Buildings sum insured anyway. It should be a figure that enables you to clear the site and rebuild. The only definitive answer would be from a Surveyor.

OP - I'm on 01823 230249 or adam@townleyinsurance.co.uk if you'd like me to take a look. Plenty of listed buildings on the books and I'm in Somerset so plenty of flood risk properties on the books too! :-p

Rangeroverover

1,522 posts

110 months

Tuesday 27th June 2017
quotequote all
bhippy said:
Thanks for all the replies.

NFU wouldn't take it, nor would John Lewis. Both said the flood risk was too high. Have decided to go with GSI as recommended on here. They were very helpful and found what I think is reasonably priced cover via RSA.

I had a listed buildings expert do a survey for me. Met him at the property to discuss - fascinating insight into how/when it was built!

Rebuild cost was indeed higher than the purchase price, although the cover from GSI is for a max of £1M which is higher than the estimate of the surveyor by some margin.

have a look at the "flood Re" list

VeegasRS6

367 posts

156 months

Tuesday 27th June 2017
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We're with Intelligent Insurance, Defacto five star rated and a really thorough policy. It wasn't the cheapest but I'd say they were good value.

Ours is a grade 2, and they are good when we've had major work going on, for example a full rewire.

roadie

593 posts

261 months

Wednesday 28th June 2017
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You could look into getting the EA to update the flood maps if there is no risk of flooding.