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Oer 60's only? whats all this about?

sleepymans
sleepymans Posts: 913 Forumite
Part of the Furniture 500 Posts Name Dropper
in House buying, renting & selling
Can anyne explain this type of marketing to me please?
I'm not sure I "get it"??

http://www.rightmove.co.uk/property-for-sale/property-45443606.html

Sounds like a bit of a scam??.....
:A Goddess :A

Comments

  • sirmosh
    sirmosh Posts: 701 Forumite
    You don't really 'own' the home, you get a lease and you live there until you die/go into care. I think you usually own a share so your family will get something when you die but ultimately the company owns the home really.

    It's only available to over 60s since the company doesn't want someone living there for the next 100 years or it screws up their business plan. It does say you can buy it at full price if you're under 60.
  • princeofpounds
    princeofpounds Posts: 10,396 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The 'scheme' has some history regarding the way it is advertised:

    http://www.mortgagesolutions.co.uk/mortgage-solutions/news/2162374/watchdog-bans-misleading-estate-agents

    Basically it's a sort of lifetime lease, or equity release discount, depending on which way you look at it. I don't know specifically how it is defined legally but that's basically what it seems to amount to. Not a true purchase.
This discussion has been closed.
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