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Managment charge in retirement flat

hello all
Does anyone know what would be a reasonable managment charge on a retirement flat in the south east?? We have about £120k to spend on the property.

I help a cousin with a learning disability who lives alone and would like to move into private sheltered accomodation. Just trying to see if its feasible really.

Any stories, advice, experiences much appreciated.

thankyou all:D
LBM-2003ish
Owed £61k and £60ish mortgage
2010 owe £00.00 and £20K mortgage:D
2011 £9000 mortgage

Comments

  • Are you asking about, annual total service-charges or the agent's management fee?

    I've seen service-charge accounts where the management fee is greater than the total annual spend on insurance, maintenance and repairs.
  • oldone_2
    oldone_2 Posts: 974 Forumite
    churchrat wrote: »
    hello all
    Does anyone know what would be a reasonable managment charge on a retirement flat in the south east?? We have about £120k to spend on the property.

    I help a cousin with a learning disability who lives alone and would like to move into private sheltered accomodation. Just trying to see if its feasible really.

    Any stories, advice, experiences much appreciated.

    thankyou all:D

    The charges would depend on what you get for the fee. Some retirement homes include fuel bills as well as the usual maintenance and insurance.
    Try and avoid any property managed by Peveral or associated companies.
    Do your homework and look at similar properties in the area, and what their charges are, and what you get for them. Google the management agents of any property you are interested in.

    One tip. If you find somewhere and proceed to purchase, ask you solicitor to request the latest annual accounts from the management company.
  • churchrat
    churchrat Posts: 1,015 Forumite
    hi
    thanks for that--we are really new at this so I'm just asking questions to find out what sort of questions I should be asking!!

    Why should we avoid Peveral etc? we had thought that maybe they are a good idea, given that I don't live near my cousin and he has difficulties with every-day life.
    thanks again
    LBM-2003ish
    Owed £61k and £60ish mortgage
    2010 owe £00.00 and £20K mortgage:D
    2011 £9000 mortgage
  • oldone_2
    oldone_2 Posts: 974 Forumite
    Plenty of information on why to avoid Perverel and Solitaire

    http://forums.moneysavingexpert.com/showthread.html?t=355906
    http://www.thetruthaboutsolitaire.co.uk/tag/peverel-group/
    http://www.spanglefish.com/peverelaction/

    Most sheltered/retirement homes will have a management company in place, which is why it is important to do your homework.Some companies manage their properties very well, while others will take your money and do very little maintenance.
  • SouthCoast
    SouthCoast Posts: 1,985 Forumite
    Speak to the neighbours as some on site managers can create more problems than the owners!
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