LawSpot

Purchasing Retirement Properties

We are looking to downsize to a Retirement Flat as we are thinking of putting our property on the market in the New Year. Although we are looking forward to having the family over for one last Christmas, is there anything we can do in advance to prepare for this change?

This is a popular move these days as more of us look to retirement properties as lower maintenance options for later life. It’s a very different style of living, so consider it carefully. See as many different options as you can before making any decisions. Retirement properties can also provide excellent support on many different levels depending on what you’re looking for and it’s often one of the biggest moves people make in terms of lifestyle choice. 

Retirement properties are invariably leasehold which means they are held on a lease for a specific term of years. This in effect may result in a depreciating asset, which may also come with additional rules and regulations. Check these carefully regarding things you can or cannot do at the property i.e. visitor parking restrictions, pet regulations etc. as these are often robustly enforced.  

Many retirement properties also come with a variety of charges and fees; there is usually Ground Rent, Service Charges, Insurance Rent as well as all the usual outgoings payable on a property. Make sure you factor in these charges and budget carefully and accordingly. There can also be additional hefty charges upon resale of the property, which can be as much as 2% of the sale price.

Preparations 

In terms of practical preparations to make, you could obtain some information from local Estate Agents and you should make contact with a local Solicitor. Speak to them about acting on your behalf in dealing with the legal aspects of the transactions. By using a local firm of Solicitors, you will be able to benefit from a much more personal service tailored to your needs. 

Harold G Walker, are happy to meet with you to discuss your move and address any queries you may have about buying a retirement property. 

With the family gathering together over the Christmas period, it may also be a good idea to discuss your plans with them so that they can assist and support you with your decisions…And don’t forget about sorting out that loft/shed/garage/spare room which will no doubt contain years of accumulated ‘stuff’ to be sorted out!

For further information about purchasing a retirement property please contact the Conveyancing team.