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Selling a McCarthy and Stone Apartment
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As part of the buying process, MC have to 'vet' the people intending to purchase the flat - not sure how that would work in an auction?. They don't seem to be 'normal' flat sales as you have to spend a couple grand getting a buyers pack done, which MC insist on being done. According to our solicitor, MC seem to add a load of charges on as part of the conveyancing. (Be interested to see if anyone has sold through an auction though) - right PIA to sell IMHO!
You are nearly right there MC have to vet the people who will live there. Must be 60yrs+ etc. Anyone can actually buy and own the flats. Those who inherit them can also let them, but freeholders take a cut, sorry an event fee, when you register an AST and again when you renew AST.I am not a cat (But my friend is)0 -
Get some advice on the FB page NLC National Leasehold Campaign
They will likely have others in your situation0 -
Buying a retirement flat may be "the single worst financial investment you ever make" - Sebastian O’Kelly
https://www.telegraph.co.uk/goodlife/11510002/Should-you-really-buy-a-retirement-property.html
The home served your aunty well and I hope she enjoyed her autumn years there, but the sale should not be viewed in line with the normal UK property market. Price accordingly and move on to the next stage in your life.Signature on holiday for two weeks0 -
I seem to remember that they are worth about half of what a non retirement one would be. So if not retirement 1 bed flats are selling at about £100k then a retirement one will sell around £50k.0
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A close family friend, widowed, has just bought a Mc&S flat in a new development.
Mc&S are struggling a bit these days and offered many incentives, including one of the limited number of parking spaces that cost £5,000, for free.
The pity of it is that Mc&S customers usually own a valuable house to fund the purchase, and no mortgage is involved.
Most home owners are saddled with a mortgage, but the upside is that the bank will value the property and not lend money if it's 40% overpriced0 -
Completion on ours on Friday after 17 months. It only sold (against others) because the aunt retained the bath when others converted to a shower.
Bought by the aunt 12 years ago £210k, advertised by us at £173k, rejected an early offer of £150k, dropped to £165k after 6 months. Accepted £160k completion as said this Friday.
We have spent approx £3k on service charges, £1.5k council tax, 1.25% to sinking fund. 1.25% RHS. £680 to solicitors.
Good luck!!
Edit. PS MC are currently selling new apartments in the same town for around £300k!!
Thank god - there is light at the end of the tunnel. Seems they take 12-18 months to sell.! Thankfully my Mum brought hers in the 'crash' of 2008 so all the 'value' has been taken out of it. Agree the new builds are well overpriced - in our local town, new ones are over £300K. Personally would not want to get involved in one after this experience, but you never know downstream what your requirements are going be. I will be looking for a small bungalow...0 -
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Edit to add...
I suspect that this type of buyer may not search Rightmove either - but prefer to phone or visit local EAs instead. So choosing a local, long-established, traditional EA might help.
Possibly, although many have adult children, nephews and nieces to help.
In my mum's case I spotted a flat in my town, and she checked it out on Rightmove on her tablet. It isn't M&S, who were asking amazing prices on a new block in her town, and I'm thankful she didn't go too far down that route..0 -
THese are a total rip off. I've seen them come to market for resale locally now, 10 years old, at far below their original prices. But the thing that strikes me most is the quality of the fittings. The kitchens and bathrooms are basic at best, and look very dated in design. Of course when it was all white carpets and show homes when we looked when they were new they all appeared beautiful - you just don't look that closely!
So basically, it will have to sell at far less than you bought it for. Sad but true.0
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