Do you have a £975,000 budget? Could this Grade I listed Old Convent be the perfect home?

Homebuyers with a budget of around £975,000 can choose from many attractive properties, but few will offer the history, character and lifestyle provided by Number 16 at The Old Convent in East Grinstead.

This remarkable three-bedroom home forms part of a Grade I listed Victorian convent set within more than 13 acres of communal grounds and woodland. It offers approximately 2,209 square feet of accommodation, three reception rooms, two bathrooms and two allocated parking spaces. 

Here is a link to the property on Savill's website.

What makes The Old Convent so special?

The Old Convent was designed by celebrated Victorian architect George Edmund Street and constructed in 1865 for the Sisterhood of St Margaret. The historic building was sensitively converted into just 31 individual homes during the 1980s, with each property offering its own layout and character. 

Number 16 is one of only a small number of homes accessed directly from the picturesque central quadrangle. Its standout feature is an impressive garden room created from the original cloisters, complete with a vaulted ceiling, stained-glass details and Corinthian columns.

Other period features include exposed timbers, stone fireplaces, vaulted bedrooms and metal-framed windows. These are combined with modern touches including a shaker-style kitchen, integrated appliances, secondary glazing and gas central heating. 

More than 13 acres without maintaining a country estate

One of the property’s greatest selling points is access to more than 13 acres of established communal grounds and woodland.

Residents can enjoy landscaped lawns, woodland walks, an orchard, an outdoor swimming pool, tennis courts and a pétanque court. The former chapel also provides communal facilities, including table tennis and a snooker room. 

For buyers attracted to country living, the property offers many of the benefits of a private estate without having to personally maintain 13 acres of land.

It could also appeal to London buyers looking for more space. East Grinstead railway station is approximately half a mile away, with direct trains to London Victoria taking from around 56 minutes. Gatwick Airport is approximately 10 miles away. 

Is £975,000 good value for this property?

Property value is always subjective and buyers should take independent advice. However, The Old Convent provides a particularly unusual combination of substantial accommodation, impressive architecture, extensive grounds and convenient access to the town centre and railway station.

A conventional detached house at a similar price may provide a larger private garden, but it is unlikely to offer Grade I listed architecture, woodland, an orchard, a swimming pool, tennis courts and such an extraordinary historic setting.

Buyers should budget for the annual service charge, currently listed as £4,760. This covers the maintenance of the gardens, grounds, swimming pool, tennis courts, chapel and other communal areas. The property has a share of the freehold and a lease running until 2977 (950 years remaining). 

Would it be easy to get a mortgage on The Old Convent?

Getting a mortgage on a Grade I listed property can be more complicated than arranging finance on a standard modern house, but listed status does not automatically prevent a property from being mortgaged.

The lender will normally want to know that the property is in good condition, provides suitable security for the mortgage and can be resold if necessary. Much will depend on the mortgage valuation and the valuer’s comments about the construction, condition, marketability and comparable properties.

As this home forms part of a converted historic building, mortgage lenders may also consider:

• The Grade I listed status

• The remaining lease length

• The annual service charge

• The management of the communal areas

• Buildings insurance and future maintenance obligations

• Whether the property is readily saleable in the local market

How much deposit could you need?

A buyer purchasing for £975,000 with a 25% deposit would need a mortgage of approximately £731,250. With a 20% deposit, the required mortgage would be around £780,000. It is likely you could get this property with a 10% deposit. 

Whether this level of borrowing is affordable will depend on income, existing credit commitments, deposit size, age, mortgage term and the lender’s affordability assessment. Some lenders have more experience with listed buildings, converted properties and homes with substantial communal grounds than others.

Approaching the wrong bank could result in the property being declined even where the applicants have strong incomes and a sizeable deposit.

Speak to a listed-property mortgage broker

Trinity Financial’s mortgage brokers regularly help clients finance unusual, older and listed properties. We can approach lenders that are comfortable assessing Grade I and Grade II listed homes, period properties, converted buildings and high-value mortgages.

If you are considering buying The Old Convent or another unusual property, it is sensible to obtain mortgage advice before committing to the purchase. Our brokers can review your income, deposit and borrowing requirements and identify lenders most likely to accept both you and the property.

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Any links to third-party websites are provided for information and convenience purposes only. We are not responsible for the content or availability of external sites

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage