Listed buildings are often very sought after and increase in value over time, so interest in the property can be high. That said, listed buildings come with rules, regulations and restrictions.
There will be limits on the improvements and changes that can be made, and this could put some potential buyers off.
These are buildings which are protected due to their architectural or historical significance and are graded in terms of interest. There are around 400,000 listed buildings in England alone. Wales has 30,000 and Scotland boasts 47,400. Northern Ireland has 8,900.
In England and Wales, Grade I buildings are of exceptional interest. Grade II* are particularly important buildings of more than special interest and Grade II buildings are of special interest. The vast majority (92%) of listed buildings are Grade II according to Historic England.
How much does it cost to sell a listed building?
The average cost of selling a property in the UK is £6,224. This is based on a house priced at £277,000, the UK’s average. This includes estate agent costs, EPC, removal company and conveyancing fees. Be aware that this is an average and the cost of selling your house will depend on factors such as its value and size.
The cost of selling a listed building is unlikely to be substantially higher than a regular property unless there is additional legal work required by your conveyancing solicitor. This could include research on the history of the home, most notably to find out what work has taken place and whether it was legal. For reference, the average cost of conveyancing when selling a house is £1,690.
How is a listed building different?
Listed buildings are usually older properties For example, Historic England states that “All buildings built before 1700 which survive in anything like their original condition is listed, as are most of those built between 1700 and 1840.”
As mentioned above, listed buildings are protected due to historical, architectural or local importance. Because of this, there are restrictions on work and alterations that can be done to the properties. Buyers must be aware of this before the purchase.
Not only are you restricted with changes you can make, but you must also maintain the cultural integrity of the property. This means the upkeep of the home, such as a thatched roof, repairing lime plaster or replacing sash windows. These can very often be expensive and require specialist tradespeople. Keep in mind that some buyers may be put off by the responsibility and the cost.
What paperwork will you need?
When selling any home, you will be required to complete a TA6 form as part of the conveyancing process. This is designed to provide a prospective buyer with vital information about the home. You will also need documents to back up what you have stated in the TA6 form.
One of the most important documents you will need to provide is the Listed Building Consents. According to Historic England: “In general terms listed building consent is required for all works of demolition, alteration or extension to a listed building that affects its character as a building of special architectural or historic interest.”
Other required documents include:
Any Planning Permission documents
Building Regulations Consent if alterations have been made
Details of any private drains including old septic tanks or cesspits
Professional Consultant Certificates and Latent Defect Warranties if any major work was done on the house
Are There Any Restrictions When Selling a Listed Property?
Although there aren’t any major restrictions to selling a listed property, you must be sure that no illegal work has taken place. This would be during your time as owner and any work arranged or completed by previous owners.
Additionally, if work is required on the home when you are selling it, this will likely be flagged in the buyer’s survey. Be prepared for the buyer to want to negotiate the asking price or request that the issue is fixed before the sale completes.