The purchase of a retirement apartment is slightly different to the purchase of a standard flat. Retirement apartments/flats usually have restrictions on occupation based on age along with additional conditions relating to use. The landlord may provide services over and above what you would expect in a standard apartment block such as communal lounges, entertainment, guest rooms, laundry services and in some instances home care and personal alarm systems.
In addition to the service charge retirement apartments/flats leases often contain an obligation to pay a fee to the landlord on completion of the sale based on a percentage of the sale price and number of years of occupation. Each lease will need to be reviewed on an individual basis to ascertain the level of fees payable although some landlords are now waiving or reducing fees that were originally set out in the lease documents as they feel that they were excessive.
Our team of specialists can advise you on the process when considering the purchase of a retirement property.
If you would like further advice on purchasing a retirement property, please contact a member of our Residential Property team.