Churchill Retirement properties - any experiences or advice?

catkins79

Hi all,


Posting on behalf of a relative in their late 60s who is considering selling up and moving into a new-build apartment from Churchill Retirement Living.

Everything is moving fast because of ill health, which is pushing relatives to find somewhere more without stairs etc. to live. The building looks impressive and sales staff convincing etc. but the properties seem at the expensive end for the area. We were told point blank that there is no negotiation on price. Relatives are not part-exchanging, so that seems ok but I am worried that they might be paying too much.

How well do these kind of flats hold their value?
Has anyone negotiated on this kind of flat successfully?
Are there issues with the management company being linked to the building company?
Any questions we should ask beyond what you would normally ask when moving home?

Please share any advice or experiences. Thank you!

C

thestens

My mum bought a McCarthy and Stone flat 7 years ago - I am guessing the set up will be similar. Expensive, no negotiation on price, etc. She is now in care and we are trying to deal with the flat. 5 out of 45 for sale, some for more than a year. No chance of getting what my mum paid - will probably have to take a drop of £20 000 at least. Have to pay 1% of sales price to management company. If we let it, there are numerous clauses in the lease, all expensive. Can only rent or sell to over 60s - obviously limiting. Even when it is empty we have to pay the management fee of £70 a month and the ground rent of about £400 a year.
Having said all that, my mum liked living there; as a widow the communal areas provided company and it was all fairly simple and worry free for her. These flats are not really set up for the very old, though. A long walk to the lifts in the end left my mum very isolated, and she couldn't manage to access the communal laundry.
On reflection I would say rent rather than buy, so avoiding the expensive hassle when you need to get rid of the place.

cattie

Retirement flats do not hold their value. In fact, 2nd hand retirement properties always fetch a lot more than a stand alone none retirement flat of the same size.

In my area there is a retirement development fairly close by & I've seen small 2 bedroom flats advertised by ea's at around half the price of what a similar flat in a 'normal' development or block would be.

I know a few years ago there were a lot of complaints from residents in this retirement development about the service charges etc. although I don't know how it panned out. Lot's of the flats were put up for sale around about that time. It must have been sorted as it's only now & again a flat there will come up for sale I've noticed, but they do take a while to sell when on the market.