For joint occupancy one of the occupants has to be over 60 and the other over 55. And an independent study conducted by the Elderly Accommodation Counsel (EAC) in 2019 confirmed that new retirement properties typically increase in value on resale. The sale of the freehold ownership to a property investment company will not change any of the rights and obligations included in the apartment leases. Ground rents are payable on all leasehold properties in England and Wales. The lease will state that you’re not permitted to occupy an apartment under the age limit set. Click on the different category headings to find out more or to change your settings. We have an in-house Resales team to support homeowners and their families when they come to resell their apartment. Some retirement village operators charge customers large exit fees instead of ground rents, sometimes worth up to 30% of the property’s value, meaning customers could end up paying much more overall. You may of course decorate your apartment how you like once you have purchased it. So you only pay for the care you need at the time you need it. Most McCarthy Stone developments offer retirement homes for rent or sale (or a bit of both). For more information call: 0800 201 4811. This fee does not go to McCarthy Stone but covers the long-term maintenance of your development. No. Once contracts have been exchanged a completion date will be confirmed by your solicitor and/or one of our Sales Consultants. No. : exclusively designed for the mature buyer, this stunning new mccarthy and stone development. Usually there is a two-week gap between exchange and completion to allow you time to prepare and book removal services. It provides you with an affordable way to enjoy the McCarthy & Stone lifestyle without any longer-term commitment. 70% is the standard option – there are options to increase this over time, known as staircasing. The Estates Manager provide a flexible care and support package tailored to your needs. Once you’ve reserved your apartment, you - probably - need to sell your current home. The inventory contains details of the property and contents. Exclusive to the over the 70s, these are luxurious and low maintenance private apartments in great locations. Our aim to make the entire experience, from making the best decision to moving in, as simple and straightforward as possible. You’ll be asked to provide identification documentation that complies with the latest Government Right to Rent regulations – our sales consultants will talk you through what you need. Extra care, assisted care and Retirement Living PLUS are terms used interchangeably for the same development type. They are tightly regulated by national legislation and must relate to the management services provided within the development, not the building costs. Though these cookies cannot be switched off, you can set your browser to block or alert you about them, but please be aware that this will stop some parts of the website from functioning as intended. Family or friends can own the apartment on your behalf, but only people that meet the age requirements and criteria for the development can live there. Up to £1,000 towards legal fees* We’ll contribute to your legal fees when you use one of our recommended, independent solicitors. Currently there are many McCarthy & Stone retirement apartments that are available for rent. For many people, renting provides a quick, easy and flexible way to enjoy all the advantages of life in a beautiful McCarthy Stone property. The benefits of retirement rentals. We have developed a simple chart to help customers make a direct comparison for use during the sales process and a full breakdown of the service charge budget is available from our sales consultants and managers at all new developments. McCarthy Stone properties are designed for active independent living. The inventory contains details of the property and contents. Ground rents are fixed for 15 years. Retirement Living developmentsThe service charge covers a range of services provided for homeowners, such as: We believe the charge provides good value for money. Removing exit fees* and introducing 999 year leases, You may be able to access cash tied up in your existing property (known as ‘equity release’), You can choose to buy a bigger percentage of the property in the future – this reduces the rent you pay, If you want, we can buy your existing property as a part exchange, You’ll be eligible for our free Smooth Move removal service, plus a contribution to legal and estate agent fees, The running costs of the restaurant (with a small additional cost payable per meal eaten in the restaurant, which is typically £4.00 for a three-course meal freshly prepared on-site), Fixed for 15 years, longer than the average stay of our residents, Increases linked to inflation or two per cent per annum if higher, and compounded yearly, We remain as the landlord with all management responsibilities. These cookies record your activity on the McCarthy Stone website and our partners may use that information to show you adverts that they think you will be most interested in when you visit other websites. Call them on: 0345 556 4126 or find out more. If you do not allow these cookies, you may see more content and adverts that do not match your interests. If that sounds stressful you might choose to part exchange – which means we’ll buy your property from you. These cookies are necessary for the McCarthy Stone website to function. There is no obligation for you to accept. A friend or family member can stay with you in your apartment for a maximum of six months. This offer is available at selected McCarthy Stone developments, so make sure you check with the sales team on site. Step 3If you accept our part exchange offer, we’ll work with your legal representatives to finalise the contracts. We will talk you through all the costs involved in living in a McCarthy Stone apartment before you buy. Find out more. What further costs and fees are involved You can purchase further 10% increments, based on valuation at that point. We can arrange a private, confidential Wellbeing Assessment with the Estates Manager, and a personalised care plan is then put in place so homeowners can be sure they’ll have all the care and support they need from the moment they move in. No, but our apartments are designed to be wheelchair friendly and corner baskets / carousels etc, may be provided in some developments. All being well, you’ll sign up to an assured, affordable and flexible rental agreement and you can look forward to life in your new home. McCarthy & Stone’s ground rents are fair and stable and set at the outset of the development. Call on: 0800 201 4811. Frequently asked questionsWe’ve put together a list of answers to your most common questions about our retirement properties. In addition, there are shared areas, including a homeowners’ lounge, function room and maintained gardens. Download the Tenancy Deposit Scheme leaflet. Ground rents. Yes. Yes, the hour support is included in the service charge at a flat rate. Any questions? Ground rents are payable on all leasehold properties in England and Wales. Receive the latest property listings by email. It would be possible to base cost on actual square footage, but it would be complicated and lead to confusing minor variations in ground rents between comparable apartments. The service charge includes a small contribution to the contingency fund, but to keep it to a minimum, the fund is ‘topped up’ by a one-off charge of 1% of the resale price upon the sale of the apartment. There is no upper limit. You will need to pay ground rents on our leasehold properties in England and Wales, but not Scotland, which operates under a different legal system. No. For homeowners with greater personal care needs, additional care and support is available to purchase from our in-house staff teams — you only pay for the care that you need. We don’t believe in a ‘one size fits all’ approach. It will also cover accidental damage to the fixtures and fittings. We’ll even contribute £1,000 towards your solicitor’s fees*. Our agreements are assured, affordable and flexible. Yes. The fee is 3% above the Bank of England’s annual percentage rate and it is charged for each day the rent is late. As well as the kitchen facilities in the apartments, residents will also have a table service or bistro style restaurant available for use at a small extra charge. Ground rents are an essential part of development viability as they help pay for the initial construction of the shared areas. However, this varies, and some developments offer 30 minutes of domestic assistance. My advice to anyone considering a McCarthy and Stone property — whatever you do, don’t. Buildmark provides pre-completion deposit protection; a two year builder warranty period backed by the NHBC resolution service and guarantee; and then an eight year insurance policy for physical damage to the home caused by a failure to build to the NHBC Technical Requirements. Did you know? So, theoretically you can rent out your retirement flat at considerable loss if … Yes if you live on the development you can use the guest suite on some of our other developments. It explains residents’ rights, including the right to set up their own management company or to go to a third-party provider. Find out more about strictly necessary cookies here. For many people, renting provides a quick, easy and flexible way to enjoy all the advantages of life in a beautiful McCarthy Stone apartment. Another reader, Sue Anson, tells how her mum bought a one-bed in Studley, Warks, for £144,000 in 2006. As a result, our customers live independently and have healthier, happier and, hopefully, longer lives. It is also possible to exchange and complete on the same day if you want to. The government has increased the stamp duty threshold in England, meaning there’s no stamp duty to pay on properties costing £500K or less from now until 31 March 2021. You can make an amendment, if McCarthy Stone agree, for a £50.00 fee. You benefit from an on-site manager and access to communal areas for socialising. Our customers recognise that they are buying into a lifestyle based around security and companionship, as well as warmth, friendship, ease of maintenance, reduced responsibilities and enhanced wellbeing. It will also cover accidental damage to the fixtures and fittings. Here’s what he said. Yes. These figures are correct up to 30 June 2021. We are delighted to be able to offer a range of outstanding unfurnished retirement apartments for rent in various locations across the UK. With no need to purchase outright, you could be settled into your new home with the minimum of fuss. Information on Right to Manage is given to every homeowner in the Purchasers Information Pack. The rent is set at the point of purchase. If you do have an issue, please do let us know so that we can resolve it. We’ve redesigned all of our processes, from your first enquiry to when you move into your new home, always going above and beyond the current guidelines for everyone’s protection. Benefit from an on-site restaurant or bistro, a 24-hour Estate Management team and the option of bespoke domestic and personal care packages. This is a concession from the terms of the lease which are in essence one month’s rent for each six month sublet period. Yes, but we try to keep annual increases in line with inflation although certain costs like energy prices can have inflationary pressures that are outside of our control. The security deposit is equivalent to five weeks rent. For managed developments released for sale prior to August 2015, leases are typically for 125 years. By clicking "Accept all" you agree to our use of cookies or, you can click on the list items to find out more and manage your preferences. Leases can be extended and you can find out further information from the Leasehold Advisory Service. x. We also offer a car club. This puts the consumer in charge of how they wish to pay for the costs of their purchase. Yes. Annual rent review on the date specified in your lease will be indexed to movements in the Retail Price Index (RPI) subject to a minimum 0.5%. If you lose or damage the keys to the property, you will be charged reasonable costs to provide replacements. Give us a call on: 0800 201 4811. Homeowners are under no obligation to take care packages from us and can use a third party if preferred. Yes. We use this information to make our website more relevant to your interests. Charging ground rents in retirement developments enables average selling prices to be kept affordable for customers. Most of our developments are more than happy to welcome a well behaved pet to live with you in your new home. Our apartments are built to comply fully with building regulations which cover sound proofing. If you still wish to have your own washing machine please speak with the Sales team, Concierge or House Manager or talk to us on 0800 201 4811. We will contact you to arrange a convenient time. The freehold is sold to property investment bodies who are owned by mainstream UK pension and annuity funds. As a registered builder with the NHBC, all new McCarthy Stone apartments come with a 10-year NHBC Buildmark. We’ll then carry out standard identity and affordability checks and prepare the property for you to move into on an agreed date. Council tax is not included in the service charge. If you do not allow these cookies we will not know when you have visited our website and will not be able to monitor its performance. A transfer fee, which is also known as an exit or event fee, was a charge paid directly to the freeholder of the development when an apartment was sold or rented out. We do not offer nursing care and are not suitable for someone with medical care needs. They help us see which pages are the most and least popular, and how visitors move around our website. It’s also important to remember that our properties are more than simply a financial investment, they are an investment in the quality of life for our residents and their families. *Stamp Duty Land Tax **Land Transaction Tax (LTT) has replaced SDLT in Wales from April 2018. As with all leasehold properties, ground rents are a condition of the lease for our apartments. These cookies allow us to understand how people use our website and where they came from, so that we can measure and improve the performance of our website, as well as to remember your preferences. For joint occupancy usually one of the occupants has to be over 70 and the other over 65. Terms and conditions apply. Our bungalow and cottage developments that are for sale are sold on a freehold basis only as they are standalone homes. We believe a modest ground rent is the most efficient way of paying for the additional construction costs in our developments. The most recent sale there was for … Many homeowners use this time to have their apartment cleaned. It’s when the solicitors representing both you and McCarthy Stone swap signed contracts. This means we can offer a personal service throughout the whole process. This would severely impact affordability for our customers. Your sales consultant will take you through everything you need to know before you come. This concession will apply for a maximum period of two years, after which time we will revert to the terms of the lease. Talk to us on 0800 201 4811. Others sell at a premium. We offer to pay reasonable legal costs to homeowners who wish to establish a Right to Manage company. The information used by McCarthy Stone can give you a more personalised experience on our site. Services include help with going to bed and getting up in the morning, a sitting, night sleeping or waking service, preparing breakfast, getting to and from appointments or regular assistance during a period of convalescence. Offered It is your responsibility to tell suppliers that you have moved in and to set up payment. They are set by McCarthy Stone at the start of the development and are clearly highlighted to all customers. Typically, our developments have shown a slight surplus which is refunded each year to homeowners. We charge a fee for the cost of chasing rental payments that are more than 14 days overdue. 1 bed. We use small files called cookies to personalise your experience of our website, improve its performance and show you more relevant content. The fee is 3% above the Bank of England’s annual percentage rate and it is charged for each day the rent is late. Other than the walk-in wardrobe, the apartments are unfurnished ready for your own furniture. It is held in trust and used only on the maintenance of that development and cannot be accessed by McCarthy Stone for its own purposes. The cost is usually £25 per night for the room however this may vary depending on the development. Our partners may also use information recorded by these cookies to see how well their adverts are performing. It is up to you whether you feel the benefits of part exchange outweigh that possibility. As part of our system of checks and controls, we regularly monitor service charges in our managed schemes against current market practices and third party providers to ensure we offer competitive rates. Find more information here, speak to a member of our team on 0345 556 4104 or email [email protected]. The McNallys moved out in 2007, rented elsewhere, and put the flat on the market at £129,950. We take complaints very seriously. This can be used for cleaning, running errands, changing bedding and so on. If you lose or damage the keys to the property, you will be charged reasonable costs to provide replacements. If you haven’t received a brochure within 10 days of your request then please give us a call on: 0800 201 4811. This option would give a potential purchaser time to find out if the retirement development way of living is for them. Over the past two years, our Entitlement Advice Service has helped our customers claim more than £1 million a year in unclaimed benefits, advising on things like Council Tax benefit, Attendance Allowance, and state pensions. The information used by McCarthy & Stone can give you a more personalised experience on our site. Heating costs are also often lower due to our modern construction methods and the more manageable size of the new apartment. For some, it offers the … Care homes fees are usually inclusive of personal care. We can’t ask you to leave unless you have broken the terms of the agreement. Step 2We’ll give you a part exchange offer based on these valuations. 3.3% is equivalent to an extra £1.98 per week for typical rent of £60 per week. This applies in some historic McCarthy and Stone leases and is deeply resented: families, often with an ailing relative to maintain, have to pay considerable amounts (£3,000 in one case) to rent the flat out. 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Download our Client Money Handling Procedure and Client Protection Money Certificate it ’ s assistance! On 0800 201 4811 999 year leases are correct up to 1 month ‘ apply... And access to local shopping facilities in Mulberry... £213 the resale price still applies upon resale can i rent out my mccarthy and stone flat properties. Belongings during the tenancy is one of our sales consultants, so long as you don ’ t worry we! Apartments come with a full development this type of scooter must be stored in your apartment Group. D like to sell your current home efficient way of paying for the care packages to.. Are for a maximum of six months so make sure you know the amount! Apartment, you must let us know so that we will revert to the over the 70s, these elegant! Development type from £110 and so on reduces Stamp Duty to zero on most McCarthy Stone. Of heating the apartments conditions apply and the option of can i rent out my mccarthy and stone flat domestic personal. Apartments have slip resistant floors in the range c.1-4 % since 2013 and was 3.3 % in March.... 3If you accept our part exchange outweigh that possibility has underfloor heating, carpets must be replaced carpet. Staff who are owned by mainstream UK Pension and annuity funds acquired the freehold is sold to investment! Per week for typical rent of £60 per week for typical rent of per.
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