mcarthy stone peveral

biscuit1_2

Hi everyone i have a problem i need to share...My mother purchased a mcarthy stone retirement flat in lincoln about 5 years ago its managed by peveral ..she dies 2 years ago the property has been on the market since.. i have a sister who is the executor of the will and a brother the property is costing us approx £3000 a year in service charges and council tax and we are going to struggle making the next service payments in 5 months time ..well me and my brother will and my sister is worried about the implications on her as the person the property is signed over to if we are unable to meet the next payment.. she is worried that she will be held accountable ..has anyone had any dealings with peveral or have any advice regarding what our options are if we dont or cant pay ..
Many thanks

lincroft1710

Either reduce the selling price as low as you can, or borrow sufficient money against value of flat to pay for charges.

withabix

If it's been on the market for 2 years it will be way over market price now.

What are other apartments in that property selling for?

DVardysShadow

The flat belongs to mother's estate. Your sister is not personally liable, neither are you. I am not sure what happens when management charges are not paid, you need to investigate, but there should be no liability except on the part of the estate, unless the flat has been transferred to you all as beneficiaries.

biscuit1_2

we are the cheapest one right now but we are 1 bed second floor ..we did think we had sold it but they backed out with 3 days to go grrrrrr

Fire_Fox

Have you looked at land reguistry sold prices in the block? For sale prices are irrelevant as often many properties in the same area are overpriced.

CaroHull

If you are unable to sell your property in these difficult market conditions why not consider renting it our through a reputable company such as Girlings Retirement Options who are specialists in the field. Go to their website for more info. At least from the rent you will earn over the coming months you will be able to meet the service charge requirements. The property still belongs to your mother's estate and you can then sell in a few years when (if?) the market picks up.

theartfullodger

If you are unable to sell your property in these difficult market conditions why not consider renting it our through a reputable company such as Girlings Retirement Options who are specialists in the field. Go to their website for more info.

Hmmnn.. posted by a brand new poster... now why would I be thinking this is a self-interested troll just punting their company/employer/whatever...

Silly me to be so suspicious, I must of course be wrong...

Cheers!

Lodger

biscuit1_2

my sister has looked at renting but felt with the service costs at £300 month and the costs to set up the thing with mcarthy wanting a fee off £3500 made it very costly ...though would be interested to know if anyone has actually rented a mcarthy stone retirement property

Mobile101

Peverel are managing agents - they manage all McCarthy & Stone units in the UK. The monies payable to them are what is called a Service Charge, which is payable under the terms of the lease. The service charge attaches to the property, and not to the owner, who whoever is the owner has to pay, I am afraid (apologies if I am telling you stuff you already know). The ultimate sanction for not paying is what is called forteiture - briefly this means that if this is not paid, then McCarthy & Stone have the right to declare the lease at an end and take the flat back, no matter what time is due to run under the lease.
Peverel have their own estate agents, Retirement Homesearch, and it is not clear from your post whether you are looking to sell through them, or have your own agents. If you are, and you are dissatisfied with the service then you may be able to apply some pressure on them to be understanding about the charge, but I doubt it. If you are not then it may be worth while talking to them about listing with them. The advantage of this is that they have a large chunk of the retirement market, so they are a first port of call for a lot of retirement buyers. The disadvantage is that I have had mixed feedback about service levels, but I have no direct experience, so I may be being unfair.
While your mothers estate has the property it will be liable for the service charges, so if you need to cut this overhead, the best way forward is to look to sell it (difficult in the current market) or, if it is feasible, rent it, but I don't have enough knowledge about the rental market in retirement homes to give you any detailed advice.
I hope things work out for you!

biscuit1_2

thanks mobile very informative ..we are stuck with it ..have tried peveral based estate agents have just moved to another estate agent