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How much is it worth?

This may sound obvious but it's the crux of the matter here: how much would the building be worth in pristine condition? If the purchase price and the cost of repairs exceed this you could end up out of pocket.

It is quite likely that the owner of the building that you are interested in has an over optimistic view of the building's worth. Don't speculate - the building should be sold at a price that accurately reflects its current condition.

Get the building valued

This will soon prove whether the owner's price is realistic, but make sure that your surveyor understands historic buildings, and has experience of estimating either the end value or the cost of repairs. It is also important to make sure your surveyor has up-to-date Professional Indemnity insurance. The Institute of Chartered Surveyors Conservation Group will be able to supply you with a list of suitable professionals. If the owner refuses to sell at a reasonable price the local authority might be persuaded to use its powers to serve a Repairs Notice with the threat of a Compulsory Purchase Order if compliance is not forthcoming.

Sometimes buildings are bought for an inflated price on the assumption that planning permission, for change of use, additional buildings, an extension to the existing building or in extreme cases consent to demolish the existing building and use its site, will be granted. The owners can be left considerably worse off with a building which no-longer serves their purposes or which they cannot afford to repair. Always check that what you have in mind for the building is acceptable to the local authority.