September 22, 2019

Your Housing Group shared equity retirement flat that sold for £38,000 on ITV

A family who bought a shared equity retirement flat and lost £50,000 on its re-sale will feature on ITV tonight. Housing Crisis: What Next For The Elderly? Tonight Housing Crisis: What next for the Elderly? Tonight Most experts agree we are in the midst of a housing crisis but much of the focus has been […]

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. […]

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 […]

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 […]

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 […]

Tchenguiz brothers fall out among themselves, says The Times

The Tchenguiz brothers – who before the crash were among the most powerful corporate players in the UK – are litigating again: this time among themselves, according to today’s Times. The dispute centres on the Tchenguiz Family Trust, based in the British Virgin Islands, which at one point claimed to own one per cent of […]

Elderly Accommodation Counsel says half new-build retirement flats fall in value on resale

BBC R4 MoneyBox today claims that around half of new build retirement homes sold during a 10-year period were later re-sold at a loss. This has long been a concern of BetterRetirementHousing.com, formerly the Campaign Against Retirement Leasehold Exploitation. In all our criticisms of resale prices we have relied solely on unarguable data from the […]

4% of McCarthy and Stone earnings come from ground rents

The announcement yesterday by Sajid Javid, Communities Secretary, that he is to ban the sale of leasehold houses and reduce ground rents on new properties to “as low as” zero resulted from months of work by the Leasehold Knowledge Partnership. It will have a marked effect on McCarthy and Stone, according to an article in […]

Victoria Derbyshire told ‘we must end cheating speculators in leasehold housing’

Shady speculators in UK property assets including residential freeholds were raised on the BBC TV’s Victoria Derbyshire show yesterday.  It can be viewed here at 1:44 Sebastian O’Kelly, of LKP, said in an interview: “We are told that residential freeholds are bought by pension funds and that it pays for your and my pensions. “Absolute […]

Labour to cap ‘legalised extortion’ of ground rents and end leasehold houses

… Opposition and government now compete to reform leasehold The four-year campaign of the Leasehold Knowledge Partnership to reform leasehold has taken a surge forward this week. Today Labour said that it will cap charges that leaseholders pay in ground rents, and set out a plan to end leasehold houses in new developments. Meanwhile, government […]

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 […]

Disgraceful leasehold houses reported in The Guardian today

– Urgent issue for MPs of parliamentary group on leasehold next month – Onerous lease terms in taxpayer-aided Help To Buy scheme – Ground rents doubling every 10 years from plc housebuilder The disgraceful and increasingly widespread scandal of plc housebuilders selling leasehold houses is reported in The Guardian today. It can be read here The […]

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