Tuesday 24 June 2014

Just £1 for your very own listed Georgian mansion!

If you thought a sprawling period home was out of your reach, then think again as an impressive Georgian mansion is up for grabs for less than the price of your morning coffee.

Old Whitehall House in Berwick, Northumberland is currently on sale for offers over £1. But before you dive into that purse to pick out a few shiny coins, it’s important to note that there is one big catch.

Buyers will also need to dig deep to stump up £1.2 million to refurbish the property and to take it off the Buildings at Risk register.

Currently listed on Rightmove the 7-bedroom listed Georgian property may need more than new pair of Georgian front doors to have it looking as good as new.

The listing describes this “refurbishment opportunity” in the following way:

“The proposed sale of Whitehall House offers a purchaser the opportunity of restoring this B listed Georgian mansion house in a wonderful rural location.”

“The property, currently derelict and on the Buildings at Risk Register requires completed restoration and would be a significant undertaking but would when complete would be an impressive country residence.”

“Of note in the house is a Music Room with ornate plaster work.”

Speaking to The Sunday Sun, Edward Seymour, head of residential sales at Berwick estate agent Edwin Thompson, which is handling the sale, said that “hundreds” had expressed interest in the property after hearing about its £1 starting price.

However, this total dwindled to about “three or four” once people were told about the £1.2m renovation budget.

“They seem to find the reality is a bit harsh!” he said.

This not the first time homes in need of TLC have been put up for sale for £1. In 2013 35 derelict homes, mainly two-bedroom terraced properties, in Stoke-on-Trent were put up for sale for £1, with a loan of up to £30,000 available for repairs.