The process of buying a retirement home is slightly different to the purchase of a standard flat or apartment due to the restrictions on occupation and conditions imposed by landlords. Our Residential Property team have specialist knowledge and experience in this area of conveyancing and can guide you through the process of buying a retirement home.
How does buying a retirement home differ?
Many retirement homes have a restriction based on age however, as well as, this there are likely to be additional conditions relating to the use of the property. It is common for retirement properties to be leasehold and for the landlords of the lease to provide services over and above what you’d expect in a standard apartment block. This could include: communal lounges, entertainment, guest rooms, laundry services and in some instances home care and personal alarm systems. It’s important that you fully understand the conditions relating to your potential new home and if any additional service charge is required.
In addition to the service charge, retirement apartments and flats often contain an obligation to pay a fee to the landlord on completion of the sale. This fee would be based on a percentage of the sale price and number of years of occupation.
When buying a retirement home, it is essential that each lease is reviewed by a specialist solicitor to ascertain the level of fees payable.
How can SAS Daniels help you?
Our conveyancers have the knowledge and experience required to help your move to a retirement property run smoothly. During the purchasing process, we will review your lease in order to identify any service charges or conditions in the lease and advise you on these. Leaving you with the confidence of knowing that any hidden costs or requirements have been recognised and that you’re fully aware of your responsibilities.
When it comes to legal fees and the costs involved we are transparent with all out costs and will provide you with a detailed quote before any work is carried out. An example of our costs can be seen on our conveyancing fees page.
For more information on buying a retirement home, please contact our Residential Property team on 0161 475 7676 or email us using our contact form.