November 13, 2019

Family save £25,000 over McCarthy and Stone shared equity lease, thanks to Better Retirement Housing

A family selling a McCarthy and Stone retirement flat with a rip-off lease condition have been saved £25,000 after the case was taken up by Better Retirement Housing. Rita May Bailey, who is now deceased, bought the one-bedroom flat at Bridewell Court, in Widnes, Cheshire in February 2008, which has a registered price of £167,450. […]

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. […]

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 […]

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 […]

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” […]

Points to consider when buying a new retirement flat …

By Michael Epstein There can be no doubt that the new build and post 2010(non Firstport managed) McCarthy & Stone developments offer very good facilities are well managed and can offer residents a good quality of life. Increasingly extra services are being offered designated as “Assisted Living” No one can expect these services to come […]

Please exempt retirement housebuilders from ground rent ban, pleads Sir Desmond Swayne

Senior Tory MP Sir Desmond Swaine has pleaded with the Communities Secretary to consider exempting volume retirement housebuilders from the ban on new ground rents. The MP for New Forest West – coincidentally not far from McCarthy and Stone’s Trump-style HQ in Bournemouth – asked in the Tuesday housing debate: “On new build leaseholds, is […]

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