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Managment charge in retirement flat

churchrat
Posts: 1,015 Forumite
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
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
Owed £61k and £60ish mortgage
2010 owe £00.00 and £20K mortgage:D
2011 £9000 mortgage
0
Comments
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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.0 -
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.0 -
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 againLBM-2003ish
Owed £61k and £60ish mortgage
2010 owe £00.00 and £20K mortgage:D
2011 £9000 mortgage0 -
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.0 -
Speak to the neighbours as some on site managers can create more problems than the owners!0
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