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 […]

McCarthy and Stone and Churchill: are you blackmailing government over the ground rent ban and is your business model broken? Asks BBC R4 MoneyBox

Brilliant interview with outgoing McCarthy and Stone CEO Clive Fenton ‘Problem’ that retirement housebuilders have not been spoonfed profits, like others through Help To Buy Anyway, aren’t retirement housebuilders insignificant given the numbers of pensioners who are downsizing today, asks BBC? Radio 4’s MoneyBox quizzed retirement housebuilders McCarthy and Stone and Churchill Retirement Living on […]

Clive Fenton to stand down as CEO of McCarthy and Stone after profits slump

Is the ground rent ban responsible? Sebastian O’Kelly I guess when you stand down as boss of a publicly quoted retirement housing company that has seen profits fall from £110 million to £65-£80 the headline-writing punsters are not going to miss a trick. So, Clive Fenton, 60, McCarthy and Stone’s CEO, is being “pensioned off” […]

Anti-ground rent trade body ARCO snubbed at retirement housing conference … (along with us, less surprisingly)

The anti-ground rent trade body ARCO has been snubbed and left uninvited by retirement housing insiders at a City law firm conference next Wednesday to discuss whether a Retirement Housing Act is needed. The Association of Retirement Community Operators, whose members build and manage their retirement housing and care sites for the long term, has […]

Complain to Advertising Standards Authority about misleading ‘home ownership’ when applied to retirement leasehold tenancies

A veteran leasehold campaigner from Carlex earliest days, Susan Wood, has just repeated a complaint to the Advertising Standards Authority about leasehold tenancies being described as “home ownership” that she first made in 2012. Her first complaint concerned Churchill Retirement. Now she complains about McCarthy and Stone describing their flats in an advert in Saga […]

Pensioners hammered with 88% rise in ground rents

… Often in sites with dismal resale values Thousands of pensioners living in older retirement properties are facing a massive hike in ground rents: 88 per cent is not unusual. The older leases of mass retirement housing builder McCarthy and Stone are kicking in with huge hikes in ground rents. Ground rents at Churchill sites […]

Seven months after buying our retirement flat, we have put it up for sale

– Couple deeply regret hasty decision – Why did they not RENT instead? – Churchill satisfied with sales procedures A couple who bought a one-bedroom retirement flat deeply regret making the hasty decision and were desperate to sell up – only seven months later. Evelyn Matthews, 78, and her husband Stan, 94, bought the one-bedroom […]

Family ‘horrified’ at £30,000 price difference between new and resale Churchill Retirement flats

  Campaign against retirement leasehold exploitation has received an anguished communication from a family considering a purchase of a flat from Churchill Retirement at Elgar Lodge in Malvern. It is priced at £172,000, but the family says it is “horrified” to discover a very similar resale flat in the same block, advertised by Churchill’s own […]

McCarthy without Stone: Churchill Retirement Living ‘to spend £500 million on new sites’

Churchill Retirement Living, the retirement leasehold developer controlled by the McCarthy family who built up McCarthy and Stone, is spending £500 million on new sites over the next three years, says the Times. In what appears to be a re-write of a press release, the article echoes the company’s message that the retirement leasehold sector […]

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