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It is very important that these are well maintained as leaks from them are a frequent source of water ingress to buildings and cause expensive and destructive outbreaks of dry rot. These items are made from cast iron, which can rust.
Any areas of rust should be wire brushed back to a clean bright metal surface and then primed with two coats of a suitable metal primer. For more information see Railings.
It is often possible to find the original colours used on doors, windows, ironwork or other painted areas by examination of the hidden paint layers. However, changing colour from Black may require Seeking Listed Planning Permission.