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Option to buy retirement home
Mita
Posts: 13 Forumite
An elderly friend has been renting a retirement property for several months and is now thinking of buying it. However, despite the property being worth less than when he first moved in, he has been told he has to buy it at the original valuation price. Is this fair or even legal?
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Comments
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They can ask whatever they like, as with any property up for sale. It’s then up to buyers if they wish to pay that or not.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.3 -
What sort of property is it? Is it a park home type lodge or a retirement warden controlled flat?
Sounds like they are trying it on which makes me think it could be a Park home type. If it is a park home be very careful as "owners" have far fewer rights than a normal leasehold/freehold.0 -
When you say "option", do you mean he already has some sort of contractual right to buy it?
If not then it's all up for negotiation, like any other purchase.0 -
If its a retirement village type place he is best off just continuing renting it, they are notoriously difficult to sell on at any price!"You've been reading SOS when it's just your clock reading 5:05 "0
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If they are starting like that I wouldn't touch them with a disinfected barge pole. There are several threads on here about what happens when you try to sell.
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Completely agree. Let someone else shoulder the stress and financial loss.sammyjammy said:If its a retirement village type place he is best off just continuing renting it, they are notoriously difficult to sell on at any price!0 -
Another vote to keep renting it. Don't leave relatives a headache to get rid of and bills to pay until they do.0
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