Over 60's Retirement Flats

Posted 17th Jan 2023 (Posted 15 h, 49 m ago)

Could someone advise how these work please, in terms of pros and cons, renting Vs buying, safety, what I should look out for and what to be aware of type of things.

I'm a total novice and wanting to help someone plan for it.

Thank you so much

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14 h, 46 m ago
Plenty of warnings about these on Google; leasehold, service charges, limitations on selling when no longer needed, sometimes can sell only to the company in charge of the block, at a derisory price.
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13 h, 52 m ago
Can they not just rent?
14 h, 16 m ago
Excellent comment by @tcf Just adding that also beware of the sinking fund or reserve for leasehold flats. (edited)
1 h, 1 m ago
Good way of turning a 4 bed detached into a bedsit without gaining any money.
50 m ago
It it is a new one, say McCarthy & Stone, yes you can rent. Down here south of London £30,000 pa for a brand new one bedroom.

Be vary wary as others have said. The monthly maintenance charges are very high, and should the owner/occupier die then they still have to be paid until the property is sold. With so many being built who would want a second hand one so could be difficult to resell. Parking spaces are often extra.
23 m ago
Housing 21 have bedsits and flats. Mother in law was paying £50/service charge plus £100-£150 weekly rent, and think utility bills included but don't quote me!

housing21.org.uk/our…ng/