Buying a retirement property is very different from buying a standard leasehold home. But our experienced team will ensure you clearly understand everything you need to know about this type of property.
Contact our team on 01225 462871. Alternatively, you can email them or complete the Contact form at the foot of this page.
Buying a retirement property
Retirement communities provide services and facilities over and above what you find in a standard leasehold development or a typical housing estate. Such amenities often include:
- communal spaces
- guest rooms
- a laundry service
- leisure facilities
- restaurant/café facilities
- home care
- personal alarm systems
There are many benefits to living in a retirement village/community. However, your lease will contain numerous terms and conditions governing your use of the facilities, restrictions on occupation, and payment of the service charge.
“Thank you so much for your amazing guidance throughout.” K.S.
Selling a retirement property
Selling a retirement property is very different from selling a standard flat or house because not only is the target market smaller, but there are also additional conditions to comply with. And those conditions vary between developments.
Retirement property service charges
Inevitably, service charges for retirement properties – usually paid monthly – are higher than for a standard leasehold property, representing:
- the extra cost for on-site staff;
- equipment for leisure and other facilities;
- the maintenance and upkeep of communal spaces;
- insurance, etc.
Retirement property ground rent
On 30 June 2022, a change in the law abolished ground rent for new residential leasehold properties. However, the ban does not yet extend to new retirement properties; when it does, it’s unlikely to be retrospective. In other words, ground rent will remain payable on existing properties.
“We really appreciated the clarity you brought to the process. Thank you.” A.H.
Retirement property conveyancing
Our experienced team will provide you with clear information on everything you need to know and understand about buying a retirement property and the applicable terms and conditions, including:
- the service charges payable on completion;
- re-sale/exit fees when you come to sell the property; and
- whether the property must be offered back to the landlord before selling on the open market.
What about my family?
Our property is an asset, as well as our home – an asset to pass on to our loved ones in the future. However, it’s important to appreciate that the amount realised on the sale of your retirement property will almost certainly be less – and probably considerably less – than for a comparable-sized but non-retirement property.
We recommend having an open conversation with your loved ones about your intended move. Often, they are the ones who will eventually deal with the sale of your retirement property. Therefore, they should be aware of the very specific terms and conditions that apply. Again, our experts can offer guidance here.
Age UK has produced an excellent and comprehensive guide to buying retirement housing.