May 24, 2019

Government will cave in to retirement house builders over ground rents, says Times

What does this say about setting new in wider market to zero? The government is poised to exclude retirement house builders from the much delayed ban on ground rents. Headed by leading retirement builder McCarthy and Stone and Churchill Retirement (which is privately owned by the McCarthy family), have been lobbying hard for an exclusion. […]

£15,000 for Pegasus Court leasehold retirement flat in Rochdale – which once sold for £85,000

Another disastrous retirement leasehold resale price, where neighbours have paid £165,000 A leasehold retirement flat at Pegasus Court, in Rochdale – built by Pegasus Retirement – is up for auction with a headline price of £15,000 later this month. The property has been sold twice before: for £59,750 when new in 1997, and for £84,950 […]

MP Huw Merriman tells prime minister retirement ground rents should be zero

Tory MP Huw Merriman called for zero ground rents for retirement housing at prime minister’s questions today. He talked of pensioners trapped in McCathy & Stone properties, which have fast depreciating values. He named Vincent Tchenguiz, whose Tchenguiz Family Trust in the British Virgin Islands ultimately owns the old McCarthy and Stone freehold book, and […]

Your Housing Group shared equity retirement flat sells for £39,000, after three years on the market

A Your Housing Group shared 75% equity retirement flat has sold for only £39,129.26, after three years on the market. The property is at Your Housing Group’s Heyeswood Retirement Village, in Haydock, Merseyside. The property was bought by the mother of Cath White in August 2015 for £92,213 but has now sold – after three years […]

Family outraged by £50,000 exit fee at Retirement Villages’ Mayford Grange

But a cash loss from purchase of only £5,000 is not THAT bad, in UK retirement housing … By Sebastian O’Kelly Yet again retirement housing is in the news: this time Retirement Villages charging £50,000 in exit fees to a family who sold a two-bedroom flat at Mayford Grange, in Woking in Surrey. The Sunday […]

Move beyond feudal leases, says Association of Retirement Community Operators

A very good article by Michael Voges, who heads the Association of Retirement Community Operators – that is, Audley, Extra Care Charitable Trust, Retirement Security Limited, Anchor etc). Mr Voges writes: “The quality of services and staffing has by far the largest impact on whether customers will recommend a scheme to a friend, so services […]

Downsizing pensioners assailed by ‘fleecehold’ charges, reports Daily Mail

Fleecehold charges have been reported in the Daily Mail: Retired engineer Walter Wright and his wife Peggy thought they had found the perfect place to downsize,. The three-bedroom detached home was only a couple of years old and would need less upkeep than their bungalow, which had a very large garden. When they purchased the £269,000 […]

Rectory Court slashes service charges after dumping Stonewater for right to manage LKP accredited managing agent

Cherry Jones has managed to drastically reduce service charges using local contractors … The epic right to manage victory at Rectory Court – where Stonewater was given the boot and the new manager is LKP-accredited Cherry Jones of Swindon-based Home from Home – has made it to the national press. The leaseholders at the 44-flat […]

VAT on house managers’ wages will cost leaseholders £50m a year, says Rendall and Rittner

Changes to impose VAT on the salaries of house managers and concierges in blocks of flats will add £50 million to service charges, Rendall and Rittner tells LKP. Founder Duncan Rendall said: “This is a huge own goal by the Government given their stated objectives of trying to reduce the cost of leasehold. “The capitalised […]

Did government concession on ground rents stuff new thinking in retirement housing?

The new chief executive of McCarthy and Stone John Tonkiss is delighted the government has caved in over retirement housing ground rents, while announcing strategic changes that were prompted by the prospect of this reform. The company argued strongly in favour of ground rents because it was disadvantaged by having to provide communal areas at […]

VAT added to cost of house managers from November

The cost of in-house house managers goes up from next month. Her Majesty’s Revenue and Customs (HMRC) has issued new guidance regarding the payment of VAT for site-based staff at developments. Applying the correct VAT liability on residential domestic service charges (VAT information sheet 07/18) This information sheet, together with Revenue and Customs Brief 6 […]

ARHM: This time the impetus to reform leasehold is serious …

If there is one thing that those seeking reform of the retirement housing sector and those employed in it can agree on – actually there is rather a lot we now agree on – it is that this time the impetus for leasehold reform is different. ARHM chair Richard Wheeldon made the point in his […]

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