|Losing the plot|
Retirement housing generally involves leasehold property in sheltered housing developments or retirement housing. It is intended for people over a certain age who are capable of independent living.
The lease will usually contain unique restrictions which you need to take into account when thinking of buying retirement housing.
Points to watch out for include:
- the age of occupants will often be restricted
- you may be required to sell the property, or leave, if you are no longer able to live independently
- following a set procedure when selling the property including offering the property to the landlord first before selling in the normal way
- paying a fee to the landlord upon sale (often about 2% of the sale price) in addition to the commission due to any estate agent
At Hart Brown we can help with all aspects of the purchase. We remove the jargon and make sure you fully understand what you are buying.