Selling a retirement apartment

googler

badger09 said: .... a big reduction could leave OP open to challenge & potential personal liability.

Which is easily explained away by the OP employing two agents, and by the long duration it has spent on the market, surely?

lisyloo

googler said:

badger09 said: .... a big reduction could leave OP open to challenge & potential personal liability.

Which is easily explained away by the OP employing two agents, and by the long duration it has spent on the market, surely?

The op needs to make sure their actions are correct for the scenario
I sold a retirement flat and had little wiggle room as nursing fees had to be paid and my actions could be called into question by the local authority, so I went for asking price and got it.
the obvious thing to do here is to talk to the beneficiaries.
if they all agree then get it in writing, then there’s no issue with a price drop.
im surprised a specialist isn’t much more on the ball though.
id expect an explanation after this amount of time.
covid hasn’t stopped people retiring, in fact it’s brought many retirements forward after furlough and WFh.
id also be expecting feedback from the viewings.

SallyDucati

How old is the property?  Most retirement places I know of are leasehold and the lease could be quite low putting some people off, and would also affect the price.

When we sold my Mums (in 2016) it had been on the market for close to a year and only had 68 years left on the lease, I was concerned it wouldn't sell at all.

mousemat

SallyDucati said:

How old is the property?  Most retirement places I know of are leasehold and the lease could be quite low putting some people off, and would also affect the price.

When we sold my Mums (in 2016) it had been on the market for close to a year and only had 68 years left on the lease, I was concerned it wouldn't sell at all.

It’s got 120 years left.

Murphybear

I would want to know what £600 a month covers.  It does seem a lot.  I live in an over 60s property.  There are 33 flats and one 3 bed house which we live in.  Our service charge is just over £200 a month which includes the usual things, buildings insurance, maintenance of all communal areas which include a massive lounge with its own kitchen, gardens, window cleaning, gutter maintenance and unlimited use of Miele commercial washing machines and dryers.  We have a court manager who works Monday - Friday and all maintenance issues are resolved very quickly.  It’s also in a very wealthy and beautiful area (i dont know if that makes a difference  )

user1977

Murphybear said:

I would want to know what £600 a month covers.  It does seem a lot. 

That's the total for service charge and council tax - OP has later clarified that it's only £250/month for the service charge.