Retirement properties can offer a convenient and supportive way to enjoy later life, with features such as communal facilities, scheme managers and emergency alarm systems.
However, buying a retirement property is different from buying a typical house or flat. Most retirement properties are leasehold, and the lease can contain specific terms about who can live in the property, how it can be sold and the services you will need to pay for.
Understanding these terms before you buy is important, as some provisions can be difficult to change later.
To learn more about how we can help, simply call us today on 0800 138 0458, or reach out through our website.
Retirement housing is designed specifically for people over a certain age, usually 55 or 60. The exact age requirement will be set out in the lease.
Retirement schemes can include:
Many schemes also provide communal facilities and services designed to help residents live independently while having additional support available if they need it.
For example, a scheme may have a manager or warden, communal areas, gardening and cleaning services, or an emergency alarm system.
Before buying, it is important to understand exactly what services are provided and how much you will pay for them.
A lease gives you the right to occupy your property for a set period. Retirement leases are commonly granted for terms such as 999 years.
The lease is also a contract between you and the landlord. It sets out your responsibilities and the responsibilities of the landlord or management company.
For example, the landlord may be responsible for maintaining the building and communal areas, while you contribute towards these costs through your service charge.
Your lease may also contain restrictions on what you can do with the property. These could include restrictions on:
The lease should also protect your right to occupy and enjoy your property without unreasonable interference.
Buying a retirement property is a significant decision, so it is important to understand the terms of the lease before committing to the purchase.
Your solicitor should check the lease and explain any terms that could affect you, both while you own the property and when you come to sell it.
In particular, you should understand:
Retirement leases often specify a minimum age for residents. There may also be rules about who can live in the property with you.
Make sure the restrictions fit your circumstances and understand how they could affect the property's future sale.
Service charges are used to cover the cost of running and maintaining the development.
Depending on the scheme, this could include things such as:
Ask for details of the current service charge and how it has changed in previous years. You should also understand what services are included and how future increases are dealt with.
A property that appears affordable to buy may have significant ongoing costs, so these should be taken into account when considering the overall cost of ownership.
Some retirement leases contain provisions requiring an exit fee to be paid when the property is sold or, in some cases, sublet.
These fees can sometimes be referred to as event fees or deferred management charges.
It is important to establish whether an exit fee applies, when it becomes payable and how it is calculated before you buy.
Your solicitor should explain the relevant clause in the lease so that you understand the potential cost.
The lease may contain specific requirements about who the property can be sold to.
For example, the buyer may need to meet a minimum age requirement.
There may also be other conditions that need to be met before the sale can proceed.
Understanding these restrictions in advance can help you avoid unexpected problems if you eventually decide to move.
The level of support provided varies between developments.
Some schemes have a resident manager, while others have a manager who visits for certain hours each day. Many developments also have an emergency alarm system.
If a scheme does not have 24-hour on-site support, emergency calls may be connected to a central call centre outside the manager's working hours.
You should check exactly what support is available before buying and whether the service meets your needs.
The lease should explain what services the landlord or managing agent must provide and how the cost of those services is recovered through the service charge.
Problems can arise if services are reduced or deteriorate, or if service charges increase significantly.
Your rights will depend on the terms of your lease and the circumstances involved.
If you have concerns about the management of your retirement scheme or the charges you are being asked to pay, it is sensible to take legal advice before the situation escalates.
Retirement leases can be difficult to vary once they have been granted.
This makes it particularly important to understand the lease before buying the property.
Your solicitor should explain any unusual or significant provisions and identify anything that could have a financial or practical impact on you.
Do not assume that a term can be changed later if it does not suit your circumstances. It is much better to identify potential problems before you buy.
Selling a retirement property can involve additional considerations compared with selling an ordinary leasehold flat.
For example, the lease may:
Your solicitor can advise you on the requirements in your particular lease and help make sure these are dealt with as part of the sale.
A retirement property can provide an attractive combination of independent living and additional support, but it is important to understand exactly what you are buying.
The lease will determine many of your rights and responsibilities, as well as the costs you may have to pay.
Before you commit to buying, make sure you understand:
At Switalskis, we can help you understand the legal and financial implications of buying a leasehold retirement property.
We can explain the terms of the lease in plain English, identify potential issues and help you make an informed decision before you proceed.
If you are considering buying or selling a retirement property, get in touch by calling 0800 995 6040, emailing help@switalskis.com or using the form below.
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