LKP’s advice is: do not buy retirement leasehold at all. [2013] UKFTT 727 (TC) TC03104. Stay in Touch We’ll even contribute £1,000 towards your solicitor’s fees*. Frequently asked questionsWe’ve put together a list of answers to your most common questions about our retirement properties. A small additional charge will be added to guest meals. You’ll receive a service charge leaflet and our Sales Consultant will sit down with you to help you fill in the costs, review what’s covered in budget and compare the to day-to-day running costs with your current home. Kitchens are fully fitted with white goods which come with a 2-year guarantee. We’ll give you a part exchange offer based on these valuations. Ground rents in retirement housing can be slightly higher than open market developments as they reflect the larger size of retirement schemes, which include significant shared facilities such as the lounge, the laundry, the guest suite, staff areas, and, in some developments a dining room, restaurant and mobility scooter room. The freehold is sold to property investment bodies who are owned by mainstream UK pension and annuity funds. And Mrs Grimsdale was told she had to make a decision in four days to ‘benefit’ from part-exchange. Read the McCarthy Stone Ground Rent Briefing Note (February 2020). It is also possible to exchange and complete on the same day if you want to. By clicking "Accept all" you agree to our use of cookies or, you can click on the list items to find out more and manage your preferences. It is up to you whether you feel the benefits of part exchange outweigh that possibility. Your sales consultant will take you through everything you need to know before you come. All apartments have slip resistant floors in the kitchen and bathroom as standard. We would need to raise prices by c.£15-£18,000 per apartment to cover the costs of building the communal areas without ground rents. Care homes typically offer single room accommodation for rent, whereas our developments you own or rent your own private apartment. McCarthy and Stone plc Retirement housing company agrees to change its lease agreements. Norman Greed, 82, showed that pensioners can organise a successful right to manage and slash the burden of their service charges. Usually there is a two-week gap between exchange and completion to allow you time to prepare and book removal services. Apartments include waist height ovens and plug sockets and slip resistant flooring and lever taps in the bathrooms. Watch this video  to learn more about the protective measures we’re taking and what you can expect from us when you arrive. These cookies allow us to understand how people use our website and where they came from, so that we can measure and improve the performance of our website, as well as to remember your preferences. Or talk to us on 0800 201 4811. VAT SINGLE AND MULTIPLE SUPPLIES Talacre zero rating of new houses appellant selling retirement flats with the benefit of the use of furnishing in common areas whether zero rating of single supplies encompasses matters outside the express words of Group 5 Sch 8 VATA-meaning of premium in Note(14) Without this income stream, we will not be able to buy as many sites as we have been at a time when the sector should be expanding to meet demand. From this, we introduced a new self-regulatory regime for our members in 2014 known as ARMA-Q. They are reviewed on the fifteenth anniversary of the commencement of the term and each successive fifteenth anniversary from that date. At some of our most recent developments, the service charge also includes the cost of heating the apartments. Our policy is one of complete transparency around costs. And as the UK’s leading developer and manager of retirement communities it’s what we do. Yes, you will need to pay a small refundable reservation deposit to reserve the property. The Government’s proposals also note that future customers in retirement developments will have the choice of either paying a higher sale price with no ground rent or a lower sale price with a specified economic ground rent. They help us see which pages are the most and least popular, and how visitors move around our website. Increases are linked to either the movement in the Retail Price Index (RPI) since the last review, or if greater, by 2% per annum, and are compounded yearly. Campaign against Retirement Leasehold Exploitation has asked both McCarthy and Stone and Churchill Retirement Living for data that demonstrates price increases at … For managed developments released for sale prior to August 2015, leases are typically for 125 years. Roland Head explains why McCarthy & Stone plc (LON:MCS) has slumped and reveals the housebuilder he owns. Your rent includes all of the development’s service charges, ground rents and property maintenance. We offer to pay reasonable legal costs to homeowners who wish to establish a Right to Manage company. This can be used for cleaning, running errands, changing bedding and so on. You can staircase to 100% at which point the property would be wholly owned. Service charges cover the day-to-day costs of management and maintenance within our developments, such as the heating and cleaning of communal areas, buildings insurance and redecoration. A clear difference between care homes and our apartments is that the apartments are available for purchase, meaning that your beautiful new home really is yours. not contents owned individually by a homeowner). Call them on: 0345 556 4126 or find out more. The rents rise 2% a year or in line with the retail prices index, whichever is higher. We’ll even contribute £1,000 towards your solicitor’s fees*. Leasehold Knowledge Partnership. This is in spite of the hard sell, the dismal capital values and they fact that McCarthy and Stone draws up its disadvantageous and exploitative leases. To achieve victory in the leasehold game where you are playing against professionals and with rules that they know all too well - stay informed with the LKP newsletter. As Baroness Gardner said, you needed to be a “mathematician” to understand it. You can compare our age exclusive options here. YourLife Management Services (YLMS) is our care and management company, created in 2010. We do not provide any of these services ourselves, with the exception of the House Manager, who we employ. No. Ground rents are payable on leasehold properties in England and Wales. Our ground rents are fair, says McCarthy and Stone (even though they go up to £600 and are for no service whatsoever). Exposing abuses. 5th Floor For joint occupancy usually one of the occupants has to be over 70 and the other over 65. If they can no longer live safely and independently in a development, we can work with them and their family to help them move to a more specialised setting. The government has increased the stamp duty threshold in England, meaning there’s no stamp duty to pay on properties costing £500K or less from now until 31 March 2021. Special dietary requirements can be catered for and friends and family are welcome to join for lunch. We believe it is the best way to protect homeowners from unexpected costs like a major refurbishment or structural repairs. It’s when the solicitors representing both you and McCarthy Stone swap signed contracts. You can rent the apartment provided your tenant(s) meet the criteria for occupiers set out in the lease. All developments released for sale from August 2015 have 999 year leases. Conditions apply and the sales team can explain these in detail to you. If you do get into financial difficulties, we will work with you to agree a way forward. Peverel is more widely disliked, and it is excellent that the issues surrounding Strand Court, in Rye, were given a wider airing. the leasehold) of certain property for a fixed period of time (such as 99 or 125 years). This would severely impact affordability for our customers. They can lead to a better understanding and faster resolution of matters concerning residents as a whole. Marion Bowley, in Weston super Mare, was offered £140,000 for her pleasant family house. Talk to us on 0800 201 4811. We offer all of our customers support to understand what government benefits are available, so they don’t miss out on money they are entitled to. Each development has their own lease requirements, so it is always best to check, but usually to have sole occupancy of a Retirement Living PLUS apartment you need to be aged 70 or over. Yes. Telephone: 020 7978 2607 View on Google Maps We have an in-house Resales team to support homeowners and their families when they come to resell their apartment. Find out more about functional cookies here. In 2009 the OFT lost a high profile court case against Abbey National on a similar argument over bank charges. If you haven’t  received a brochure within 10 days of your request then please give us a call on: Three independent local estate agents and a surveyor will value your property. We have made significant improvements to our products and services in recent years to improve the quality of our apartments and their ability to retain value, including: Setting up an in-house management services team dedicated to high standards and a single end-to-end service for customers, More internal space, en-suites, underfloor heating, walk-in wardrobes, improved bathrooms, level-access showers and enhanced kitchens. The care packages can be increased or decreased as your needs change. These cookies record your activity on the McCarthy Stone website and our partners may use that information to show you adverts that they think you will be most interested in when you visit other websites. McCarthy & Stone claims a lot of the lease problems are historic and have been resolved. Advising leaseholders. They are set by McCarthy Stone at the outset of the development and are clearly highlighted during the sales process to … Annual rent review on the date specified in your lease will be indexed to movements in the Retail Price Index (RPI) subject to a minimum 0.5%. The following advertisements are from firms that seek business from leaseholders.Click on the logos for company profiles. Outgoings, the management of Horsley Place is entrusted to McCarthy and Stone … We use small files called cookies to personalise your experience of our website, improve its performance and show you more relevant content. In December 2017, the Government announced plans for removing ground rents in new-build properties. It is your responsibility to tell suppliers that you have moved in and to set up payment. Tenure: Leasehold – 125 years from 01.01.15. It’s also important to remember that our properties are more than simply a financial investment, they are an investment in the quality of life for our residents and their families. You can use this 'Manage settings' feature to switch on or off certain types of cookies, although some cookies are necessary for our site to work correctly. The fee is 3% above the Bank of England’s annual percentage rate and it is charged for each day the rent is late. McCarthy & Stone said it does not build leasehold houses or apply escalating ground rents and that ground rents on its retirement flats go towards managing and maintaining the development. Mrs Grimsdale discovered that she would be £65,000 better off selling her own house and buying a McCarthy and Stone flat for cash – the discount for a cash purchase being much better than the supposed discount for a part-exchange. The service charge budgets represent the costs that we expect to incur in a normal year, with a full development. Yes. This fee does not go to McCarthy Stone but covers the long-term maintenance of your development. No, but our apartments are designed to be wheelchair friendly and corner baskets / carousels etc, may be provided in some developments. Leases can be extended and you can find out further information from the, Lifestyle Living - Luxurious and low maintenance private properties exclusive to people over 55, Retirement Living - Luxurious and low maintenance private apartments in great locations, exclusive to the over 60s. Care homes fees are usually inclusive of personal care. For managed developments released for sale prior to August 2015, leases are typically for 125 years. As well as the kitchen facilities in the apartments, residents will also have a table service or bistro style restaurant available for use at a small extra charge. You are welcome to bring a well-behaved pet to live with you in your apartment. You may of course decorate your apartment how you like once you have purchased it. Sign Up for Newsletter. Our apartments are built to comply fully with building regulations which cover sound proofing. McCarthy Stone properties are designed for independent living. It will also cover accidental damage to the fixtures and fittings. Yes. Yes. With regard to subletting on leases prior to October 2014, we will charge a concessionary rate (irrespective of the provisions in the lease, which may be higher) of one month’s rent for each year that the apartment is sublet (or pro-rata for less than a year). Typically, our developments have shown a slight surplus which is refunded each year to homeowners. This goes into the sinking fund (the contingency fund) for each development, which covers maintenance of that scheme. 70% is the standard option – there are options to increase this over time, known as staircasing. Western Railway Co v Gomm (1882) 20 Ch D 562; McCarthy & Stone Ltd v Julian S. Hodge & Co Ltd [1971] 1 WLr 1547. rights of pre-emption created before 13 October 2003 in relation to registered land, or at any time in relation to unregistered land, are registrable as an estate contract but do not create proprietary interests on crea- The company takes issue with Campaign against retirement leasehold exploitation’s view that there has been “almost NO demand” and that “schemes have not been sold”. In most of our developments water and sewage is included in the rent. Most McCarthy Stone developments offer properties with the option to buy or rent (or Part buy, part rent if you like) and you’ll be protected by an assured tenancy, which means we can’t ask you to leave unless you break the rules.

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