questions for buying property

spezial

good, but it's a bit far from centre

Cornucopia

That's the way it generally works.

spezial

do we know any plans for big supermarkets or shopping centres to be built in Havering, ie. Harold Woods/Hills, etc in the next years?

spezial

I often see in ads properties for 60+ people at reduced prices. So can a 60 years old father get one of these and live there and afterwards inherit it to his children? Or it is not possible? Is there a catch?

airyfairy76

spezial wrote: »

I often see in ads properties for 60+ people at reduced prices. So can a 60 years old father get one of these and live there and afterwards inherit it to his children? Or it is not possible? Is there a catch?

In theory, but only to sell unless the beneficiary is over sixty themselves.

In practice, they can be extremely difficult to sell, service charge is in the thousands per year (wardens, alarm systems and various communal areas such as restaurants, hairdressers and even gyms or pools depending on development don't come cheap) and this still has to be paid while the potential beneficiary is trying to sell it.

There is a reason why they are "cheap".

Cornucopia

I think you are talking about 2 different things. AiryFairy, your info relates to Retirement Properties (usually blocks or small developments of flats).

I think spezial is talking about "Lifetime Lease", like in the advert below. I believe that these are a form of equity release, whereby the property is discounted at the outset in return for some/all of the equity when the owner dies or goes into long-term care.

http://www.rightmove.co.uk/property-for-sale/property-34497015.html

AlexMac

Cornucopia wrote: »

...I think spezial is talking about "Lifetime Lease"... whereby the property is discounted...when the owner dies or goes into long-term care.

I am not certain what Spetznatz is talking about... in fact, I am not even clear which orifice Sputnikz iz talking through. And if anyone needs "long-term care" it may notz be "the previous owner"...?

But hey-ho, Sponkneziale givz innocent pleasure to many on a dull bank noliday weekend, so keep feeding 'em, Komradz Konucopia et al

AlexMac

spezial wrote: »

in few words, is it possible to park for free anytime around Romford centre? it can be a half mile distance.

As I said above you are being far too narrow-minded in your enquireiz, Spottynez.
1. Park in Greenwich brough where there is still free, on-street parking on eastern fringes of Blackheath and side streetz nearby (maybe best free parking in London due to beauty of adjacent environment; Greenwich Park, Royal Observatory, views over London und Docklands.
2. Use freedom pass (available to all Pensioners and many with speziale needz) to travel free of charge on 108 buz through Thames tunnel to Stratford- reliable frequent service.
3. Then train from Stratford to Romford. Zsimples!

spezial

Cornucopia wrote: »

I think you are talking about 2 different things. AiryFairy, your info relates to Retirement Properties (usually blocks or small developments of flats).

I think spezial is talking about "Lifetime Lease", like in the advert below. I believe that these are a form of equity release, whereby the property is discounted at the outset in return for some/all of the equity when the owner dies or goes into long-term care.

http://www.rightmove.co.uk/property-for-sale/property-34497015.html

yes, this is what I am referring to
but they dont mention that this lifetime lease is for a specific percentage of the property
also the price is about 70%, so why would someone buy that property for 70% and not just live on rent during the years of life he has left?
I don't get it and the problem is that I cannot find an email to contact for info about this stuff

Cornucopia

Unless you are 60 or over, then your interest is purely academic.

Here's their website: http://www.homewise.co.uk/