Buying 'Retirement' Property.

AnotherJoe

andybanjobrown said:

davidmcn said:

andybanjobrown said:

davidmcn said:

Specifically retirement properties will appear cheaper because of the restricted market and typically high ongoing costs (wardens, alarm systems, lifts, communal lounges etc).
The age restrictions won't apply to the source of funds but to the ownership and/or residency.

Can retirement properties be purchased in the name of an under 55 (eg myself, as the son) for an older person (eg my mam) with her funds ? What re the implications re eg inheritance / resale ?

Why would you want to do that? 

In this case, she believes it'll make it easier/quicker for me to dispose of the property upon her death (I'm the sole beneficiary in her will) There's unlikely to be inheritance tax issues and she doesn't have any current care needs. Is there any practical benefit in the ownership of a new property being in my name, compared with eg joint or hers alone?

A bit of time saved on the legal technicalities because you own it is inconsequential. It took me about two years to sell my mums retirement flat, so had it been in my name wouldnt have made a jot of difference to that and that seemed to be teh case for other similar properties. People like the shiny new. Also, even had an offer been made immediately the delays with legal technicalities with a management company in the way added many weeks, so again putting it in your name wont speed thinsg up.

Whether its right for your mother despite the lower resale value depends, my mums flat went for little more than she bought it for ten years previously, despite house prices in the area doubling at  guess, but they key thing is she loved living there.

p00hsticks

andybanjobrown said:

davidmcn said:

andybanjobrown said:

davidmcn said:

Specifically retirement properties will appear cheaper because of the restricted market and typically high ongoing costs (wardens, alarm systems, lifts, communal lounges etc).
The age restrictions won't apply to the source of funds but to the ownership and/or residency.

Can retirement properties be purchased in the name of an under 55 (eg myself, as the son) for an older person (eg my mam) with her funds ? What re the implications re eg inheritance / resale ?

Why would you want to do that? 

In this case, she believes it'll make it easier/quicker for me to dispose of the property upon her death (I'm the sole beneficiary in her will) There's unlikely to be inheritance tax issues and she doesn't have any current care needs. Is there any practical benefit in the ownership of a new property being in my name, compared with eg joint or hers alone?

Normally, the big downside on owning a property you don't live in is that you'll potentially be liable for Capital Gains Tax when you come to sell, but that may not necessarily be an issue here because, as others have pointed out, retirement properties often don't hold their prices well.