It’s November 2007 and in Bristol the property market has already stalled, just as psychologist Paul Clayton and wife Karen, a telecoms manager, buy a five bedroom period property.
It’s their first ever development, and they’re planning to make a profit by turning it into a luxury family home.
They’re off to a quick start; in the two weeks they’ve owned the property it’s already been completely stripped out. That would be commendable, but for one big problem: the property is Grade II listed.
Although Paul and Karen know this means they can only make changes that don't change the physical nature of the building, a misunderstanding means that builders have already removed the ceilings and fireplaces in the property.
Altering the fabric of a listed building without consent is a criminal act. Paul and Karen could get a large fine and be forced to reinstate everything they’ve touched. It’s a scary start, and what’s worse, when you look at the basic figures it’s absolutely terrifying.
Paul and Karen bought the property for £300,000. Their budget of £160,000 is small for such a big house - but they plan to sell for an outrageously high £600,000. Their target profit of £140,000 wouldn’t stack up even if the market was on their side. Sarah's spoken to a local agent who thinks that just under half a million is the realistic resale price for the house.
Currently the property is divided into two flats. They want to turn it back into a luxury five-bed family home. But getting the ground floor right isn’t going to be easy. At the moment there’s a kitchen and living room at the front, and there’s another reception room at the back, with an enormous Victorian range and bread oven slap bang in the middle.
Karen and Paul want to get rid of the front kitchen and replace it with a dining room, and then they want to create one large kitchen diner at the back. But having the range in the middle stops them creating the open plan space that appeals to families. They have to convince conservation officers that moving the bread oven is a good idea, but Karen and Paul have already carried out lots of work without permission, which doesn’t exactly put them in the strongest bargaining position.
As they feared, the conservation officer tells them that, if they were to apply to remove it, permission would probably be refused.
But the bad news doesn’t stop with the range. Permission to put in two ensuites and double doors to the garden, both crucial in a large family home, are also refused. So Paul and Karen put up a fight.
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