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Buying and Living in Age Restricted Properties (If You Are Younger than Stated Age)

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Looking to get on the property ladder and have noticed how many properties are being sold for low prices, but they're all 55+ or 60+, my question is, is there any way for people younger than the age requirements to buy and live in such places? Any loopholes that can be taken into account, such as if a parent at this age bought the property then gave it to their child to live in?
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  • HampshireH
    HampshireH Posts: 4,941 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Quite often these are often advertised at the real market value as well and that is the price you would be looking at working from.

    Most of these adverts state what % they are for people over x age
  • robatwork
    robatwork Posts: 7,268 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    No, they are retirement flats for people either retired or close to it. Those residents don't want to be with people who have young children. Or noisy barbecues etc.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Zwanster03 wrote: »
    Any loopholes that can be taken into account, such as if a parent at this age bought the property then gave it to their child to live in?
    Nope. Parents can pass the property to their children if they like, but doesn't mean children will be allowed to live in it (generally speaking).

    Also, many of the apparently low prices will have hefty service charges hidden behind them (for wardens, lifts, communal lounges etc).
  • HampshireH
    HampshireH Posts: 4,941 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Many are large family homes being sold of a sort of life time lease.

    Homewise is one such company
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Yes some are on a form of equity release. The low price buys you the property for your lifetime, but on death the property reverts back to the company that sold it (rather than going into the estate to be inherittted)

    The age restriction is enforced as the commpany does not want to wait 50 years to get the property back!
  • I've got a feeling that those schemes have sex discrimination in them as well?

    Going by age is an understandable/objective factor - but I believe I read somewhere that what one thinks is a fixed "older person price" varies according to what sex your body is - and women get charged more at the moment....

    I may be wrong on that - but I think they do the same malarkey as the sex discrimination that goes on on house equity release schemes still at the moment.
  • HampshireH wrote: »
    Many are large family homes being sold of a sort of life time lease.

    Homewise is one such company

    Yup, and i absolutely hated them when i was searching for a house, because they don't list their homes under the retirement option on right move so it's not filtered out.
    So you see a nice house for a really good price, click on it only to see its bloody Homewise and the actual price is £100,000 more for non retirement.
    *Assuming you're in England or Wales.
  • Margot123
    Margot123 Posts: 1,116 Forumite
    G_M wrote: »
    Yes some are on a form of equity release. The low price buys you the property for your lifetime, but on death the property reverts back to the company that sold it (rather than going into the estate to be inherittted)

    The age restriction is enforced as the commpany does not want to wait 50 years to get the property back!

    And can also sting the family when the person passes away or goes into long-term care. Awful set-ups!
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    High service charges usually too!
    2024 wins: *must start comping again!*
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