Listed property is something that you may not have experienced as a landlord, but if you’re the sort who likes to renovate, refit and let out run down properties you will more than likely have come across some sort of listed building. So what is listed property and how will it affect you as a landlord?
Listed properties are properties of special architectural or historical interest and each property will be attributed a ‘grade’. You’re unlikely to find a Grade I or Grade II* listed property on your hands, they’re mostly reserved for properties such as Westminster Abbey, but you may the encounter the lower Grade II listing. There are also listings (usually A, B and C) that are used by local authorities to preserve a particular style in an area.
What Does This Mean to Me?
If you have come into a listed property, or perhaps you neighbour one, there will be planning regulations that will be strictly implemented. You may be unable to change the facade of your property and original features (such as beams, fireplaces or border details) will have to remain as they are. This might limit your scope for development.
Tenants in Listed Properties
Because the fact a property is listed is a selling point, it will be more than likely that your tenant will be aware of its listed status. Make sure your tenants know exactly which features they can and cannot change and make this clear in your initial inventory. You should check your Landlord Insurance policy carefully too as damages to listed features may not be covered.
As a renovation project or as a let, a listed property can be a great opportunity. You will almost certainly see plenty of interest for your project simply because of its listed status. Be very careful to obey the regulations that listed property throws up and be respectful of the planning process; all your efforts will be worth it in the end!