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We bought a grade II listed house with bits dating back to 15th century. Bad condition, hence affordable. Not sure yet if it was an awful mistake, but we are now spending almost as much as the purchase price on sorting out its problems (rotting timber frame, collapsing mud walls etc) and having a complete nightmare with an idiot conservation officer at the council. I’d say avoid it if you can.
Thread-relevant chat time: people who’ve bought listed properties (Grade II only, no * or I trickiness), talk to me. Is it a huge mistake?