I had to sell my father’s retirement flat at less than half price – and that took six years | Property
It took me six years to sell the retirement apartment to my father for less than half of what he paid for that. Most of that time, we had to pay an annual service fee of more than 4000 pounds – 2000 pounds in the council tax, and 2000 pounds in interest in unpaid care fees that the apartment was aimed at financing.
It seems very difficult to sell retirement apartments. In its own development, owned by Pegasus, a third of the apartments was either empty Or be subconscious.
An identical apartment has also been sold to Abu Much lower than the original purchase price. Every time I lead a new development of retirement, I feel screaming, “Don’t do it, you will not be able to sell!”
AJ, Oxford
Your father paid 252,000 pounds for his apartment in the Flore-D-P-Abenjdoun Complex eight years ago and you had to sell for 122,000 pounds. While awaiting the achievement of this pseudonym, I provided the service and other fees that exceed 50,000 pounds – that is, a high amount required to pay your father’s care house.
It is not surprising that only 0.6 % of more than 65 years in the UK in retirement complexes, according to numbers of the largest government housing squad, compared to ten times this number in the United States and Australia.
Properties are sold on a lease, usually 125 years, and the value can decrease with the length of rent. The service fees can be important and entitled to the buyer, whether the buyer is at the property or not; Ground rent is often imposed; Large fees It may start when a property or branch is sold; And age restrictions limit the group of potential buyers. In your father’s complex, the age group is limited to more than 65 years.
Fleur-De-Lis told me that your experience was “unique” and says that the epidemic was initially an effect on the viewer. “Over the past 18 months, our Resales team has achieved the average value of 91 % of the original purchase, which, due to the wider housing market conditions,” she says.
According to Sebastian Okele, from the rented partnership of the campaign group, “retirement housing has caused great erosion of wealth for thousands of families.” It is suggested that people consider alternatives, such as a form of shorter rent or guaranteed purchase.
I say that anyone with an tempting purchase in a complex must study fees and restrictions in the lease contract, and check the sale of prices before commitment.
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