Retirement flats

Radiantsoul

My parents have been married for almost 40 years, but my dad is terminally ill. A big issue now is what will happen to mum. She has always lived in Bristol and does not want to move in with me or my brother(who live in different cities - although we can be there in an hour in an emergency).

Currently she owns a now unmortgaged property that she has lived in since they got married.

Her plan seems to be that she will sell up and move into either a smaller flat or a residential/retirement flat with a warden which she would buy outright. She will have a significant surplus from the sale of her home, my guess would be around £175k and this ought to be enough to provide a fund to cover the management fees. I believe that she has a pension.

Does anyone have any experience of these retirement flats? Are there any pitfalls? Or is there another option we should consider?

clutton_2

some of the newer ones i have seen built by McCarthys in the south west do seem to be very expensive.. and management charges seem to be Very high.... I would go have a look at some first.. they are keen to show folks round.

There are plenty of ways to support your mum without her having to live in a warden controlled place... is this what she wants... or is it to give you and your sibling peace of mind (very important also)' ?

For example, there are "alarm" bracelet companies who provide 24 hour monitoring services so mum would just press her bracelet and help is summonsed... either you, the doctor, whoever is agreed.. and they are very efficient and very cheap.

I would be tempted to wait a good year after your mum is on her own to allow her time to get used to things as a widow... she may need that time to grieve - but - more importantly to recognise whether she wants to live on her own, or in a community....

i think its great that you are researching the options for her ...

franklally

My parents in law moved from London to McCarthy and Stone retirement flats to be nearer us 8 years ago. Peverals are the managing agents for the block. I cannot speak highly enough of the service they provide - there is a house manager who manages the block and keeps an eye on the residents, arranging the occasional outing, fish & chip supper etc - if the house manager has not seen a resident by 4pm each day she'll just call up to their flat to check they are ok (have been through 4 different house managers in 8 years and they've all been brilliant). There is communal washing/drying/ironing facilities, residents lounge (bingo/bowls/darts played most evenings), there is a bookable en-suite spare room (£9 a night) so no need to get a flat with more room than necessary. No pressure on any of the residents to join in with the social life offered. There are emergency cords/buttons in each room that go straight through to the house manager/Peverals.
Well on the negative side - cost and over-supply in the market.
My parents in law passed away 14 months ago and the sale of the flat completed yesterday (which was a great relief). There is a large quantity of unsold retirement flats on the market at the moment and some people are offering great prices just to off-load them. You need to continue to pay the Peveral's management fee even if the flat is empty (£3000pa for us). 2% of the final sale price also goes to Peverals. If you wanted to rent the flat out - you have to pay Peverals a huge commission.

Would I recommend retirement flats in managed blocks - absolutely - it's where I would want to be for comfort and peace of mind in my old age. You are not a burden on your family and they can happily go away for a 2 week holiday and not have to worry about you being safe and happy.

Any questions please pm me -

Richard_Webster

My personal view is that builders are still building them and offering them at relatively high prices. If someone is going down market they tend to be prepared to pay for a nice new flat ( and not worry about the fact they may be paying over the odds) when they might be able to get a reasonable one that is perhaps 20 years old for 60% of the price - that is certainly true in my area.

So, regrettably the new ones are often over priced - after a few years they are not so easy to sell.

So it is worth doing some research about second hand flats and making comparisons to make sure the builder is not taking you for ride.

Radiantsoul

clutton wrote: »

I would be tempted to wait a good year after your mum is on her own to allow her time to get used to things as a widow... she may need that time to grieve - but - more importantly to recognise whether she wants to live on her own, or in a community....

i think its great that you are researching the options for her ...

Thanks for your thoughts.
I agree that a period of reflection is a good idea before rushing into anything. To be honest I think their house will need a bit of work first, just in terms of painting and tidying.

Radiantsoul

franklally wrote: »

My parents in law moved from London to McCarthy and Stone retirement flats to be nearer us 8 years ago. Peverals are the managing agents for the block. I cannot speak highly enough of the service they provide - there is a house manager who manages the block and keeps an eye on the residents, arranging the occasional outing, fish & chip supper etc - if the house manager has not seen a resident by 4pm each day she'll just call up to their flat to check they are ok (have been through 4 different house managers in 8 years and they've all been brilliant). There is communal washing/drying/ironing facilities, residents lounge (bingo/bowls/darts played most evenings), there is a bookable en-suite spare room (£9 a night) so no need to get a flat with more room than necessary. No pressure on any of the residents to join in with the social life offered. There are emergency cords/buttons in each room that go straight through to the house manager/Peverals.
Well on the negative side - cost and over-supply in the market.
My parents in law passed away 14 months ago and the sale of the flat completed yesterday (which was a great relief). There is a large quantity of unsold retirement flats on the market at the moment and some people are offering great prices just to off-load them. You need to continue to pay the Peveral's management fee even if the flat is empty (£3000pa for us). 2% of the final sale price also goes to Peverals. If you wanted to rent the flat out - you have to pay Peverals a huge commission.

Would I recommend retirement flats in managed blocks - absolutely - it's where I would want to be for comfort and peace of mind in my old age. You are not a burden on your family and they can happily go away for a 2 week holiday and not have to worry about you being safe and happy.

Any questions please pm me -

Thanks that is very reassuring. I am not so bothered about the costs as the quality of accomodation and support. But I think I would look out for a "second hand" flat if there is such oversupply. If nothing else mum has always lived close to the centre of town and the newer places seem to be a bit further out.

The idea of one with a guest room is interesting too. It is a nice option and would be very helpful.

clutton_2

""2% of the final sale price also goes to Peverals"" - for what ???? outrageous......

I am sure OFT decided that Foxtons could not charge amounts like this if a tenant bought a property they had rented... why should it be acceptable in the rental market ?

why should developers get extra money... greedy beggars......

Radiantsoul

clutton wrote: »

""2% of the final sale price also goes to Peverals"" - for what ???? outrageous......

I am sure OFT decided that Foxtons could not charge amounts like this if a tenant bought a property they had rented... why should it be acceptable in the rental market ?

why should developers get extra money... greedy beggars......

They are the management company, although I suppose it is a bit strange. I guess it is just another revenue stream and part of the contract.

clutton_2

it needs a Martin Lewis POWER CAMPAIGN against it.... its nonsense...

Riq

Retirement flats sound like hell to me. Just a bit too social for me!

scaredlady

I would suggest before going anywhere that has perverels as the management agency you read the thread about them....run away at a great rate of knots...fast..