5 Key Considerations for Securing a Mortgage on a Listed Building

Mortgage on listed building

At Advias, we understand the allure of listed buildings. The unique architectural style and historical character embedded in these structures often hold a magnetic charm. However, the journey to owning such a unique gem can be fraught with financial challenges, especially when it comes to securing a mortgage on a listed building. So, we’ve compiled five key points to guide you through the process.

1. Appreciate the Unconventional Construction

When considering a listed building, it’s essential to appreciate its non-traditional construction. Elements such as thatched roofs or timber-framed structures add to the building’s charm, but they can also provoke caution from some mortgage lenders. Visible signs of wood worm or rotting may necessitate specialised surveys. Therefore, being prepared for this additional level of scrutiny can help speed up the mortgage process.

2. Understand the Cost Implications

Obtaining a mortgage on a listed building is impacted by more than just the purchase price. Listed buildings can be more expensive to maintain as only certain materials can be used for repairs. This can sway some lenders’ decisions as it may affect your affordability. So, it’s crucial to weigh these costs when determining your budget.

3. Be Prepared for a Lengthier Conveyancing Process

Unauthorised works to listed buildings by a previous owner can lead to a lengthier legal conveyancing process. However, with patience and careful navigation, these hurdles can be overcome. It may involve securing additional insurances to protect both the buyer and the lender, which a conveyancer will be able to help you with.

4. Explore Large Mortgage Options

Sometimes a standard high street bank mortgage just does not cut it when it comes to acquiring a listed building. We understand this and offer large loan mortgages tailored for your unique circumstances. These solutions can be from private banks or specialist lenders that understand the nuances of listed buildings and can offer large mortgages to complex client needs, including non standard incomes. In such instances, our team can advice and source the funds needed to secure your dream home.

5. Leverage Specialist Advice

Securing a mortgage on a listed building is a unique challenge that warrants specialist advice. Resources like the Guide for Owners of Listed Buildings by Historic England and the advice from the Listed Property Owners Club can be invaluable during this process. Coupled with our experienced team at Advias, you’ll be well equipped to navigate the intricacies of owning a listed building.

The dream of owning a listed building doesn’t have to be daunting. With careful planning and the right professional guidance, you can turn your dream into reality. Find out more about how we assist different client types like you in securing their dream homes.

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