McCarthy and stone profit warning

Options
2»

Comments

  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    Combo Breaker First Post I've been Money Tipped!
    Options
    Thanks for that Kittie, very interesting. The findings more or less echo my own experiences, both when I worked as a manger in a sheltered housing complex and when my dad lived in one, especially Inappropriate kitchen design.

    Most residents do end up of having to tweak the kitchen layouts and add extra storage etc. That's why I think it's often a good idea to buy a resale because some of the money saved can be spent on upgrading kitchens, bathrooms and extra comfort features for tailor made solutions.
  • [Deleted User]
    [Deleted User] Posts: 12,492 Forumite
    Combo Breaker First Post
    Options
    moneybox live, today, saturday, I was in the car and heard some of it, was about management and ground rent charges in the small print of retirement properties. Big boys making lots of money out of the elderly. It is on iplayer, I am just about to listen to the whole of it
  • buglawton
    buglawton Posts: 9,235 Forumite
    Name Dropper First Anniversary First Post
    Options
    By coincidence todays Radio 4 Moneybox had an in depth feature on retirement homes ground rent vs the new legislation banning it.

    https://www.bbc.co.uk/programmes/b0b7cdp3

    The CEO of M&S was there defending the typical £600 annual ground rent saying there are a lot of common areas in the property and these leases are sold on to investors for e.g. £15,000 apiece which helps keep new build sale prices lower.

    All very well, however my experience of leasehold is that the said investors appoint a management company that uses the detailed lease terms to gouge even more fees from their leaseholders.
  • Sterlingtimes
    Sterlingtimes Posts: 2,408 Forumite
    Name Dropper First Post First Anniversary
    Options
    buglawton wrote: »
    By coincidence todays Radio 4 Moneybox had an in depth feature on retirement homes ground rent vs the new legislation banning it.

    https://www.bbc.co.uk/programmes/b0b7cdp3

    All very well, however my experience of leasehold is that the said investors appoint a management company that uses the detailed lease terms to gouge even more fees from their leaseholders.

    However, residents often exert their legal right to set-up their own management company. This can be a good idea on initial investigation, but I have noticed that some elderly residents can be reluctant to invest in the upkeep of the common areas. This can lead to a depreciate asset which may impact upon those who inherit their estates in due course, e.g. why wallpaper corridors when a brush of paint is adequate? It also gives rise to many arguments and squabbles, e.g. why should I pay for the upkeep the lifts when I live on the ground floor?
    I have osteoarthritis in my hands so I speak my messages into a microphone using Dragon. Some people make "typos" but I often make "speakos".
  • [Deleted User]
    [Deleted User] Posts: 12,492 Forumite
    Combo Breaker First Post
    Options
    setting up a self managing group is difficult, having done it twice and at present taking on two of the officer roles in our small group. All the paperwork, the agm, dealing with the accountant and other people sitting back relying on yours truly to get everything orgaised. McC are quite big communities, our last was 42 and believe me you get all sorts of personalities and a few anti everything. The moaners, several were in their 40s and 50s, who do nothing to contribute. My next home will have no shared anything.


    Many of those in McC and similar would rather pay an outside company than go through the hastle. It is no fun trying to claim money and remain friendly
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    Combo Breaker First Post I've been Money Tipped!
    Options
    kittie wrote: »
    setting up a self managing group is difficult, having done it twice and at present taking on two of the officer roles in our small group. All the paperwork, the agm, dealing with the accountant and other people sitting back relying on yours truly to get everything orgaised. McC are quite big communities, our last was 42 and believe me you get all sorts of personalities and a few anti everything. The moaners, several were in their 40s and 50s, who do nothing to contribute. My next home will have no shared anything.


    Many of those in McC and similar would rather pay an outside company than go through the hastle. It is no fun trying to claim money and remain friendly


    Absolutely Kittie.....I have done the shared management thing....an absolute pain. Half the time people would drag their heels and refuse to cough up.

    My new house will be detached, freehold, free from any encumbrances, and like you say, no shared anything. I won't touch a shared drive or access.

    I prefer to be responsible for my own little patch so I can do my own timely maintenance, repairs, decoration etc. My new home is going to be a chalet style bungalow so even stuff like maintaining the roof and cleaning the guttering etc will be easier and cheaper.

    (No scaffolding costs for a start.....spent £3k on scaffolding alone on DS1s house).

    So often in these shared situations maintenance is not carried out regularly enough so that what could be a simple inexpensive job becomes a very expensive mammoth undertaking.

    I'm a great believer in the "stitch in time, saves nine" school of household maintenance.

    And then if it ever comes to the stage where I move into an apartment then I would chose a building with an outside management company.
  • longleggedhair
    Options
    I had an aunt who purchased one of these from new, she managed to get it at a low price, as it was during the recession in 2009. It was a beautiful place, but eventually she had to sell due to the ever increasing service charges (ended up almost £250 PCM). She just got back what she paid, but looking at the prices now they have halved.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards