Properties for residents over 55 y.o.

Crosby

Hi Guys

First of all a general question - whats the deal with the properties for residents over 55 y.o? Can they only be re-sold to over 55 y.o. buyers? Can they be given as a gift to other people?

Second question - I live with my mum, we own a house on a 50/50 tennants in common basis. I am looking for a property but am on a tight budget. So, figured, why dont we buy a flat for mum, as she is over 55, but I dont have a clue whats it all about. Is mortgage obtained on a same basis as everyone else?

Please can you shed some light - really appreciate your replies.

Thank you

Conrad

Crosby wrote: »

Hi Guys

First of all a general question - whats the deal with the properties for residents over 55 y.o? Can they only be re-sold to over 55 y.o. buyers? Can they be given as a gift to other people?

Second question - I live with my mum, we own a house on a 50/50 tennants in common basis. I am looking for a property but am on a tight budget. So, figured, why dont we buy a flat for mum, as she is over 55, but I dont have a clue whats it all about. Is mortgage obtained on a same basis as everyone else?

Please can you shed some light - really appreciate your replies.

Thank you

Older resident properties use a legal framework to ensure only those of certain age may purchase. They cannot be gifted to someone below that usually, but you would have to get hold of individual terms for any given property to be sure of the details.

Mortgages for these properties are fairly rare and would usualy need to be in her name only.

Lots of itf's and but'sd here, so this is not a 'quick question' and would involve some deep analysis.

Crosby

Conrad wrote: »

Older resident properties use a legal framework to ensure only those of certain age may purchase. They cannot be gifted to someone below that usually, but you would have to get hold of individual terms for any given property to be sure of the details.

Mortgages for these properties are fairly rare and would usualy need to be in her name only.

Lots of itf's and but'sd here, so this is not a 'quick question' and would involve some deep analysis.

Thanks a lot for your reply. Seems juts a little complicated lol. Better off it i think.