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Letting out Retriement Flats
Smackie
Posts: 4 Newbie
Just a quick question, Has anyone ever looked at buying a retirement flat to let?
In doing research for a buy to let property I have seen them on rightmove for sale and let but just wondered if anyone had any experience of this of whether it's more complex than a normal buy to let.
Simone:j
In doing research for a buy to let property I have seen them on rightmove for sale and let but just wondered if anyone had any experience of this of whether it's more complex than a normal buy to let.
Simone:j
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Comments
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http://www.girlings.co.uk/landlords.htm
I am not able to be of great use but thought you make like to take a look at this link. A firm that specialises in retirement property.0 -
There was a thread on here not too long ago - a guy wanted to let out his mother's retirement flat because she might need to go into care and that would be a way of partially funding it, but it turned out that there was some clause that prevented them from being let out. I don't know if this is a common thing with retirement properties, but it's certainly something to bear in mind.0
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Even if there is no clause preventing subletting the service charges are generally much higher than normal and e.g. with 1980s McCarthy & Stone flats - the ground rent can be massive, being set on a review clause based on increase in RPI! So the net rent obtained (after ground rent and service charge paid) is not always that wonderful for the money invested.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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