Bought for £215k in Dec 2018 Following Kathleen’s subsequent move to a nursing home in 2021, aged 97, the flat was put up for sale in March 2021 by her daughter, Deborah Whale for £225,000. The price was gradually reduced until it was finally sold, over 3 years later, in July 2024 for £100,000 - ThreadSky

fascinatorfun.bsky.social • 37 days ago

Bought for £215k in Dec 2018

Following Kathleen’s subsequent move to a nursing home in 2021, aged 97, the flat was put up for sale in March 2021 by her daughter, Deborah Whale for £225,000. The price was gradually reduced until it was finally sold, over 3 years later, in July 2024 for £100,000

Reposted from East Anglia Bylines

Buyer beware: An Essex retirement flat sold for less than half its purchase price— yet local house prices rose.

With charges and exits fees, is the system failing our elderly seeking a worry free lifestyle?

@oscarwoofs.bsky.social examines the retirement flat market

Comments

50swoman.bsky.social•37 days ago

Rip off Britain.

50swoman.bsky.social•37 days ago

Yep. Another absolute rip off in good old Rip Off Britain.
Elderly, vulnerable people targeted by

markxryan.bsky.social•36 days ago

So you followed me back on Twitter but not on here AND you live in Essex?

euphemissed.bsky.social•37 days ago

This happened to my late mother in law & her sister in law.
The Mgnnt Co also took a hefty cut of the sale price.
And kept money for fees AFTER the sale.
Absolute racket.
Never buy a Mccarthy & Stone retirement property.
That said, both ladies were very happy there, knew nothing of the woes.

fascinatorfun.bsky.social•37 days ago

The equity released was intended to pay for the nursing home fees. But the loss of £115k in price plus the obligation to pay service charges and fees would have further eaten into the equity

fascinatorfun.bsky.social•37 days ago

Between 2018 and 2024 the service charge applied to the Frinton flat increased from £4,000 to £5,500, or 37.5%. This increase is more-or-less in line with TPI Service Charge Index – an industry response to concerns about rising service charge bills.

fascinatorfun.bsky.social•37 days ago

In addition, to progress the Frinton sale, Deborah was asked to pay £1,000 “contingency fee” to the managing agents FirstPort Ltd, a £1,000 exit fee to E&M Ltd who collect the ground rent on behalf of the landlord plus a fee to FirstPort to provide a management pack for the purchaser.

fascinatorfun.bsky.social•37 days ago

The standard fee is £415 including VAT. To prevent further delays Deborah paid £480.00 including VAT for an expedited pack.

fascinatorfun.bsky.social•37 days ago

I am very wary of these leasehold, high service charge retirement complex models. Some charge exit fees as a percentage of the cost/ value of the property x by the years of occupancy.

However there are other much better options, such as buying freeholds and therefore controlling communal expenses.

fascinatorfun.bsky.social•37 days ago

I know one person who is paying £1k a month in service charges and the flat is very ordinary, but there is 24/7 cover and 1 hr a week cleaning.

Another pays £500 pcm, another £600 pcm.

And my experience is that when I tried to 🚩 this issue they just charged ahead anyway …then understanding landed

antartica81.bsky.social•37 days ago

The dream of home ownership at its most cynical

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