Prince Charles won't live in Buckingham Palace as King: reports

Buckingham Palace could be in for a major shake-up when Prince Charles eventually ascends the British throne.

According to the Sunday Times, the 68-year-old won’t be moving into the iconic London address when he becomes King, even though every English monarch since Queen Victoria has lived there.

Buckingham Palace could be in for a major change. (Getty Images)

Instead, the heir apparent hopes to turn it into something else: a museum open to the public.

Royal sources tell the Sunday Times Charles and his wife Camilla, Duchess of Cornwall, are perfectly happy at their current London residence, Clarence House.

Watch: Will the Queen will retire from the throne at age 95?

Additionally, the Prince of Wales believes the palace is ‘too large and costly for modern life’, an argument his son William is said to agree with.

“He doesn’t see it as a viable future home or a house that’s fit for purpose in the modern world,” a source claims. 

Some of the Royal Family on the balcony at Buckingham Palace. (Getty Images)

“He feels its upkeep, both from a cost and environmental perspective, is not sustainable.”

Buckingham Palace has 775 rooms, so you can only imagine the cleaning bills.

Guests in one of Buckingham Palace's ballrooms. (Getty Images)

Opening the residence as a ticketed museum, at least for part of the year, would be a more financially viable option.

“What's to say Buckingham Palace can't be opened to the public for at least six months, while keeping the state rooms pristine for use during big occasions?” one insider is quoted as saying.

Watch: A peek inside an exhibition at Buckingham Palace.

Currently, the palace’s state rooms are only open to the public during the summer.

At this stage, the question of when Prince Charles - who recently broke the record of England’s longest-serving Prince of Wales - will become King remains unanswered.

Prince Charles is perfectly happy at Clarence House, thank you very much. (Getty Images)

While royal watchers have long been adamant the Queen would never abdicate, sources claimed last month that the 91-year-old had made plans to step aside if she is still reigning at 95.

The monarch will reportedly ask for a piece of legislation called the Regency Act to come into force, granting her eldest son full power to reign, even while she still lives.

This would make Charles king in all but name - he would be "Prince Regent" instead.

However, these claims have not been officially addressed by the royal family.