KEYS TO KNOW

If you can’t afford a mansion, try a mansion apartment, suggests Kirsty Mcluckie

For some, buying an apartment in a grand stately home is a way to access a lifestyle – living in an impressive property with beautiful traditional interiors, a private driveway approach and acres of manicured grounds – that they could never hope to purchase if the house hadn’t been divided into smaller, more affordable, portions.

For others, however, it might be more of a downsize.

Those who are used to owning their own property pile there may come to a time of their life when they deem that continuing to live on their own is impractical.

Buying a grand apartment in a period mansion means the continuation of living in the same style, but with shared costs and the security of neighbours.

Whether you are moving up or down the aspirational property ladder, buying part of a larger traditional property has its attractions.

Wilson Hunter of Hunters Residential says that such properties suit a variety of buyers, and tend to offer a very attractive lifestyle at a fraction of the cost of running a whole stately home, as long as buyers understand completely what is expected of them as owners.

He says: “If the house has already been split there is usually no issue with title deeds, that is fairly straightforward.

“But you have to check carefully to see what common repairs you will be liable for, and in what proportion.”

An apartment which is one of ten should obviously mean less of a burden than one in a house split into three, but the agreements laid out may vary according to the value or size of each property within.

The condition and ongoing maintenance costs are crucial to ascertain before you buy, as in any purchase.

There is a big difference in buying into a well-run, immaculately maintained community of like-minded folk, and taking on a large share of a house badly in need of upgrading, with absentee or uncaring neighbours.

For those not used to grand living, there may also be costs associated with being the owner of part of an estate that they hadn’t previously imagined.

It would be galling to have to foot part of the bill for resurfacing a tennis court on which you have never played, or dredging an ornamental pond that you can’t actually see from your property.

Hunter says: “Issues such as shared maintenance should all be agreed, as should questions such as who is expected to look after communal grounds – is there a gardener paid out of joint funds, or are householders expected to lend a hand?”

The first option is easier, but more expensive, while the latter might see you on a gruelling lawn mowing rota.

Hunter says that often such purchases, when they are a downsize, are a stepping stone, preceded by a move from a much larger house but followed by an eventual move to something much smaller and easily maintained, such as a new build flat, so retention of value in the short term is important to many buyers too.

He says: “Owners still have the space and character that they are used to, and somewhere which their furniture fits into, but aren’t having the shock of going the whole hog and moving from a big house to a small apartment in one go.”

“Ultimately these properties tend to be a compromise, but a compromise that offers a really good lifestyle in the interim.” Where is it: Carnbee Avenue, Liberton, Edinburgh.. What is it: A double upper conversion, on the first and second floor, of B-listed Southfield House, built in 1875. Good points: Immaculately presented, the apartment has four bedrooms, three bathrooms, a grand 30ft drawing room and a contemporary dining kitchen. There is even a circular tower room and marble pillared entrance. Communal grounds are maintained at a cost of £100 per month per flat. Bad points: Despite its private setting this is no rural idyll. It is only three miles from the city centre. Price: Offers over £565,000. Contact: Hunters Residential on 0131 447 4747.