Could be moving into Anchor

[Deleted User]

Our family are exploring Anchor House for us. I’ve read posts on here from residents /families concerned that Anchor propose to increase ground rent without consultation and in some cases, utter the words "wished they'd never moved to Anchor".

We would appreciate some good words and if anyone has a connection with any of the  High Wycombe developments, I'd love to hear from you please. 

Sterlingtimes

My mother has lived in an apartment built initially by McCarthy & Stone. She has lived there successfully for eleven years.

The new build price in 2006 was £206,000. The second occupant paid in 2007 £212,000. In 2012, my mother bought the apartment for £84,000.

The lesson to be learned is NEVER BUY A NEW BUILD retirement property. 

Some problems occur along the way, mainly when some residents set up their own management company and then wish to cut all expenditures to the bone. The resident "warden" has been replaced by a part-time manager to save costs, albeit the original ethos was to have a supportive manager available. 

[Deleted User]

Sterlingtimes said:

My mother has lived in an apartment built initially by McCarthy & Stone. She has lived there successfully for eleven years.

The new build price in 2006 was £206,000. The second occupant paid in 2007 £212,000. In 2012, my mother bought the apartment for £84,000.

The lesson to be learned is NEVER BUY A NEW BUILD retirement property. 

Some problems occur along the way, mainly when some residents set up their own management company and then wish to cut all expenditures to the bone. The resident "warden" has been replaced by a part-time manager to save costs, albeit the original ethos was to have a supportive manager available. 

Phew, what a considerable loss. Dosent add up really. 

RetSol

The lesson to be learned is NEVER BUY A NEW BUILD retirement property. 

From the perspective only of pounds, shillings and pence, I agree. 

My mother moved into a flat in a McCarthy & Stone development in 2007.  She has lived there happily ever since and she is now 90.  The flat (which was newly built) cost £150k+.  Now, the market value is £120k max, probably less. 

From a purely financial perspective, that's not a great deal for her beneficiaries. 

But, overall, in all the circumstances, I think that it was the right move for her at the time and that it has worked out well since. 

The flat is in a great location (better than the other, similar developments in the town), she has thrived there and I am grateful that, following my father's death, she had that opportunity.

luvchocolate

RetSol said:

The lesson to be learned is NEVER BUY A NEW BUILD retirement property. 

From the perspective only of pounds, shillings and pence, I agree. 

My mother moved into a flat in a McCarthy & Stone development in 2007.  She has lived there happily ever since and she is now 90.  The flat (which was newly built) cost £150k+.  Now, the market value is £120k max, probably less. 

From a purely financial perspective, that's not a great deal for her beneficiaries. 

But, overall, in all the circumstances, I think that it was the right move for her at the time and that it has worked out well since. 

The flat is in a great location (better than the other, similar developments in the town), she has thrived there and I am grateful that, following my father's death, she had that opportunity.

That is exactly the right way to look at it. 

born_again

RetSol said:

The lesson to be learned is NEVER BUY A NEW BUILD retirement property. 

From the perspective only of pounds, shillings and pence, I agree. 

My mother moved into a flat in a McCarthy & Stone development in 2007.  She has lived there happily ever since and she is now 90.  The flat (which was newly built) cost £150k+.  Now, the market value is £120k max, probably less. 

From a purely financial perspective, that's not a great deal for her beneficiaries. 

But, overall, in all the circumstances, I think that it was the right move for her at the time and that it has worked out well since. 

The flat is in a great location (better than the other, similar developments in the town), she has thrived there and I am grateful that, following my father's death, she had that opportunity.

But for your mother. It was. Her money, her life. Which is what it is all about. her happiness & wellbeing.

Anything the beneficiaries get is a bonus, not a right.👍

Sterlingtimes

Circumstances may vary. At the McCarthy & Stone, where my 94-year-old mother lives, some residents die while living at their homes, while others move on to nursing homes. A fire sale of a property may be required to find the money for residential care.

Of course, the view may be taken that the end value of the property is of no concern because the State will step-in to pay the cost of a nursing home.

My mother has enjoyed 11 good years at the McCarthy & Stone, but following a fall and hip fracture now needs carers (including myself) to provide help.