Buying period property in England is not for the faint-hearted. The real estate laws that seem to come from another era permit both the buyer and seller to renegotiate or even walk away from deals even after offers have been made and accepted, practically right up to the last minute. Here are some of the things you need to look for while buying a period property in England.
If you understand the implications of buying a period property in England, you would hopefully have a much less stressful time. Many of the period properties here in England are listed and often come as a surprise to many that the listed status applies to the interior, the exterior of the structure and any object within the curtilage of the building. Some period properties are not listed and lie within the conversation areas which indicates that external alterations and extensions need to be sensitive in their historical setting. Alterations, adding extensions or even just getting repairs approved may take much longer that you think besides being very expensive and stressful.
To start, you can go for a good quality building survey by a surveyor used to working on historic buildings which will provide you with the information you need and a picture of the undertaking ahead of you. The survey provides you with a clear understanding of the development phases of the building and a summary of all key significant historic features. It is then possible to identify what alterations are likely to be approved and what would be inappropriate. It also investigates if any previous repairs were approved by the local authority. A new owner inherits the legal liability for all previous repairs on a listed property. Here are some items to check when buying a period property in England.
Whether it is listed or not.
The damp and structural issues.
Does it need re-roofing?
Does the house have sash windows or other key historic elements?
Have all the recent repairs and restoration works been approved by the local authority and done according to the required standard?
Will an extension be allowed if you want to extend?
Can you alter the layout of the property?
Does any service require replacement? Can you install green energy or supplement alternatives?
How much will it cost?
How long will the overall process take?
The UK has no shortage of choice of mortgage deals including a wide variety of investor mortgage. A qualified, licensed and independent mortgage broker would be able to guide you through the maze.
Consider property auctions
Take your time to get a feel of the real estate market, particularly if you are unfamiliar with the locality. View various period properties, compare prices and most importantly check the value the properties hold
Period properties conclusion
Think about the period property, its authenticity and genuineness before you go on to buy it. Check and recheck. Once you are satisfied and contend about the property, you can be quick on your feet and complete the formalities at each level to make the period property all yours.
At Fortis & Hooke, we provide a free no-obligational survey for period property windows and doors. Contact us to discuss how we can be of assistance.