Buying an Old House

In the UK, the term ‘old house’ usually refers to a building that’s pre-1940, while homes built before 1914 are often referred to as period homes, for example Georgian, Victorian or Edwardian. If you want a property with charm and character; a building for renovation or conversion; outbuildings or a large plot of land; then you must usually buy an old property. The UK has a wealth of beautiful historic buildings encompassing village houses to castles, farmhouses to mansions (particularly 17th to 19th century townhouses and country mansions). When buying an old building you aren’t just buying a home, but a piece of history, part of Britain’s cultural heritage, and a unique building that represents the architects’ and artisans’ skills of a bygone age.

The advantages of an old house may include the following:

• History, charm and character in abundance;

• Individuality and exclusivity;

• Interesting architectural features such as inglenook fireplaces, exposed beams, wood or slate floors, and beautiful plasterwork (look behind boarded up chimney breasts, wall and bath panelling, painted doors and floor coverings and you may unearth some period treasures just waiting to be discovered);

• A mature garden with fully-grown trees and a wealth of plants;

• An absence of teething troubles;

• A mature community with abundant shops and services;

• More space than new properties with higher ceilings and larger rooms;

• Outbuildings that can be converted into a self-contained studio or apartment, study, office or workshop;

• The possibility to expand or convert it for a different use;

• A large garden or plot of land;

• Good capital growth (rising in value faster than a new home);

• Easier to sell than a new home (‘rarity’ value).

The disadvantages of old homes may include:

• Out-of-date bathrooms and kitchens, bulky storage heaters or no central heating at all, poor security, poor insulation (high heating bills), lack of storage space, etc.

• Restoration, renovation or decoration may be necessary before you can move in;

• Large repair and maintenance bills, particularly if a house hasn’t been lovingly cared for, and high running costs;

• Difficulty in obtaining a mortgage if the property needs major structural work;

• Hidden defects (you will have no guarantee, unlike a new home) such as dry rot, rising damp, subsidence or landslide, woodworm or other infestations – always have a survey done;

• Restrictive covenants or rights of way and if it’s a listed building you will be severely restricted as to what you can do regarding ‘improvements’;

• Not being able to let it immediately if it needs updating;

• The possibility of being gazumped at any time before contracts are exchanged.

Thatched Houses

Homes with thatched roofs are attractive and very popular. However, they’re prone to fires (fire protection and an alarm system are essential), attract high insurance premiums and are expensive to re-thatch. Before buying a home with a thatched roof you should check that it’s in good condition, as the skills are disappearing and roofs are expensive to replace. They last anything from 20 to 90 years depending on whether they use reeds or wheat straw (the long-staple straw required can be difficult to source). Don’t be tempted to use plastic straws, which look awful and clatter in a high wind.

Conversions

Conversions of old buildings are popular, and highly individual homes have been created from old schools, churches, railway stations, signal boxes, factories, coach houses, windmills, towers, mills and barns – you name it and it has been converted to a comfortable home somewhere in the UK. Barn conversions are extremely popular (and very expensive), but rare due to the lack of barns. (You can also have a ‘barn’ home built from new, which may be a lot cheaper than a conversion.) Expect to pay around £300,000 for a barn for conversion (usually with planning permission) and at least 50 per cent more turning it into a comfortable home. You can even buy a barn abroad (e.g. in France) and have it dismantled and reassembled in the UK. An economical way to live in a historic building (often within private grounds) is to buy an apartment or townhouse in a building that has been converted, which include former stately homes, hospitals, warehouses and factories.

Listed Buildings

Listed buildings are buildings of special architectural or historic interest, which are protected throughout the UK. Buildings can be listed because of their age, rarity, architectural merit or method of construction. Occasionally buildings are selected because it has played a part in the life of a famous person or was the scene of an important event. An interesting group of buildings, such as a model village or a square, may also be listed.

There are conservation areas in many historic towns and cities, where there are strict rules governing what can and cannot be done to the houses within them.

The older a building is, the more likely it is to be listed. There are over half a million listed buildings in the UK – around 350,000 grade I and II listed buildings in England and Wales, plus a further 175,000 in Scotland and Northern Ireland – most of which were built before 1840. They include all buildings built before 1700 that survive in anything like their original condition and most built between 1700 and 1840. After that date, the criteria become tighter with time, so that post-1945 buildings have to be exceptionally important to be listed.
In England and Wales, buildings are graded to show their relative architectural or historic interest as follows:

• Grade I – buildings of exceptional interest (only some 2 per cent of listed buildings are in this grade).

• Grade II* – particularly important buildings of more than special interest (some 4 per cent of listed buildings).

• Grade II – buildings of special interest warranting every effort to preserve them (over 90 per cent of listed buildings).

In Scotland and Northern Ireland Grades I, II* and II are replaced by the grades A, B and C.
The task of identifying and protecting buildings in the UK is under the control of the following organisations:

• England – English Heritage, 23 Saville Row, London W1S 2ET
( 020-7973 3000, www.english-heritage.org.uk).

• Wales – Cadw (Welsh Heritage – Cadw means ‘keep’ in Welsh), Cathays Park, Cardiff CF10 3NQ (029-2050 0200, www.
cadw.gov.uk).

• Scotland – Historic Scotland, Longmore House, Salisbury Place, Edinburgh EH9 1SH (0131-668 8600, www.historic-scotland.gov.uk).

• N. Ireland – Ulster Architectural Heritage Society, 66 Donegal Pass, Belfast BT7 1BU (028-9055 0213, : www.uahs.co.uk).

Renovation & Restoration

Inexpensive old houses are available in some areas, but most have been snapped up and modernised years ago, and those that are left are generally no longer the bargains they once were. In rural areas it’s still possible to buy old properties requiring total renovation or even total restoration, although they’re rarer nowadays and are by no means cheap. There is a passion for rescuing old tumble-down houses and restoring them to their former glory, and ‘ruins’ sold at auction often far exceed their reserve price.

It’s very expensive to restore an old property and can cost much more than building a new house, particularly if you do it properly using reclaimed materials.

Many people are lulled into a false sense of security and believe they’re getting a wonderful bargain, without fully investigating the renovation costs, which are invariably higher than you imagined or planned! Some properties even lack basic services such as electricity, a reliable water supply and sanitation.

While you may get more for your money when buying an old home, the downside is that they require much more maintenance and upkeep than new homes, and heating costs can be high unless a property has good insulation.

Good Value

Old properties can provide better value than new homes, although you must check their quality and condition carefully. As with most things in life, you generally get what you pay for, so you shouldn’t expect a fully modernised property for a knock-down price. For those who can afford them, at the top end of the scale there’s a wealth of beautiful mansions, castles and stately homes available with extensive grounds (some country homes even come with their own golf course!). Substantial period homes certainly don’t come cheap, although this segment of the market has suffered in recent years and larger homes costing in excess of £750,000 are generally excellent value for money.

If you aspire to live the life of the landed gentry in your own stately home, bear in mind that the cost of their upkeep is usually astronomical. As a consequence many mansions have been converted into luxury apartments and townhouses in recent years.

If you’re looking for something unusual try Pavilions of Splendour (22 Mount View Road, London N4 4HX, (020-8348 1234, www.
heritage.co.uk) or SAVE Britain’s Heritage (70 Cowcross Street, London EC1M 6EJ, ( 020-7253 3500, www.savebritainsheritage.org), a conservation charity that maintains a list of properties in need of restoration.

© Survival Books Limited 2005

“Buying, Selling & Letting Property” 2nd Edition, David Hampshire.
Reproduced with the permission of Survival Books Limited.

Further information on this topic can be found in “Buying, Selling & Letting Property” 2nd edition, by David Hampshire.

For extensive, annually updated information about buying, selling and letting property, you can purchase this book at www.survivalbooks.net