July 16, 2018

APPG July 11: Robust debate over retirement ground rents and event fees

By Sebastian OKelly, LKP trustee The controversial issues of ground rents and exit fees in retirement housing were discussed at this week’s meeting of the All Party Parliamentary Group on leasehold and commonhold reform. These were the main event in a meeting which also had an insider’s examination of leasehold insurance commissions, and why developers […]

APPG July 11: Retirement event fees ‘align interests of buyers and operators’, Michael Voges tells meeting

By Michael Voges, executive director ARCO Retirement event fees – a term used to describe exit fees on re-sale – align interests of buyers and operators and are the business model for retirement housing in New Zealand, Australia and the US, said Michael Voges, executive director of the trade body the Association of Retirement Community […]

APPG July 11: The case for ground rents from McCarthy and Stone

By Clive Fenton, CEO McCarthy and Stone Hello, my name is Clive Fenton and until 31 August I’m the CEO of McCarthy & Stone. Thank you for inviting me here today. Today was never destined to be my easiest day in the office. I recognise that as a promoter of retaining ground rents for retirement […]

APPG July 11: Retirement fees whether ground rents or event fees need to be for designated services not open-ended profits, says AgeUK

And grounds cannot be set to zero but maintained in the retirement sector By Joe Oldman, AgeUK Age UK strongly supports extending the range of housing options available for older people – so we want to see a significant expansion in good quality retirement schemes and villages. We also recognise and appreciate the efforts of […]

£4,000 sublet fee at Butler’s Place

The highest sublet fees LKP has encountered exist at the retirement site Butler’s Place, in Milford, in Surrey. In some retirement leases subletting fees of 1 per cent of the purchase price or value of a flat are charged at each subletting. In theory this means that if you have, say, three tenancies in a […]

DCLG stakeholders hear of ‘calamitous’ Law Commission report on exit fees

The DCLG leasehold stakeholders’ group was told yesterday that the Law Commission report into exit and other fees published earlier this month was ‘calamitous’. The study had come about following the Office of Fair Trading investigations into the retirement housing sector. One concerned the systematic cheating of pensioners over the Peverel / Cirrus collusive tendering […]

BBC One Show warnings over retirement housing’s ‘sting in the tail’

The BBC One Show on prime time telly featured retirement housing earlier this week (November 22). It can be viewed here at 2.09 minutes The presenters warned that retirement housing can come with a “financial sting in the tail that can hit families at the worst possible time”. Sebastian O’Kelly, of Campaign against retirement leasehold […]

Another day, another set of fees in a retirement flat sale …

Dear Sir/Madam, I am writing to make you aware of the exorbitant transfer fees, contingency fee & charges for information packs that we were charged by E&M Estates Management Ltd when I sold my parents flat last week. The flat in question was built by Mcarthy & Stone in Deal, Kent, managed by Peverel & […]

Family hit with £9,341 contingency fee charge on Anchor’s Cherry Trees flat …

… that’s on top of a £26,950 fall in value after 11 years of ownership A family whose parents owned a one bedroom flat at Anchor’s 59-unit Cherry Trees site in Redcar, Cleveland, have been hit with a double whammy common in retirement leasehold. First, the flat for over-55s was bought for £79,950 in 2004 […]

Law Commission: Don’t ignore £318 ‘information packs’ that leaseholders have to pay

As well as exit fees, monopolising estate agency with exorbitant charges, sellers of retirement property also have to pay for ‘information packs’ to the property manager and the freeholder. Here, Alan Eadie, a long-standing supporter of Campaign against retirement leasehold exploitation who is a leaseholder at Homepine House in Folkestone, tells the Law Commission to […]

Exit fees and retirement estate agency: You now have 29 days to act

In the second of our articles on the Law Commissions work on exit/transfer fees, we turn to their survey of some of retirement company web sites. Again the picture is very mixed in terms of how clear each company is in providing information about the fees that leaseholders face. As well as “exit” fees the […]

Exit fees: You have less than 30 days to provide your input

Campaign against retirement leasehold exploitation has published a number of articles about the Law Commission’s work on “exit”/transfer fees, and which sort of charges should be allowed going forward. The end of the public consultation is January 29. One of the problems faced by the project is that while those working in the retirement sector […]

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