Eligibility for Retirement Home for Live In Parents

Chamali

My fiance and I are finally looking to buy a new home but are restricted in London because of our salaries. We've looked at different options such as renting somewhere else which is larger...share ownership...what we can buy....
We've always wanted to have our own home so buying is our ideal route. 
I've seen properties on rightmove that are £400k but then realised that the same properties are also posted again at almost half the price. 

I never thought about these properties before but are they restricted from us? When we get a property we'll be moving with my mum who is 70. Does she allow us to look for homes that are advertised as retirement homes? 

Can someone please give us more insight to 'Retirement properties' and why they're posted as such or why theyre posted twice...1 at a higher price and then lower for retirement?
Your help is really needed and appreciated! Thanks!!

MWT

Chamali said:

Can someone please give us more insight to 'Retirement properties' and why they're posted as such or why theyre posted twice...1 at a higher price and then lower for retirement?
Your help is really needed and appreciated! Thanks!!

Firstly, many of them will be in developments with a minimum age limit of 55 or 60...

Secondly they are usually leasehold and often have steep service fees as they will often include elements of assisted living, social facilities etc.

Could you post an example of the same property at two prices, as while it is not uncommon to see multiple listing of different apartments within such a development, often with the same exterior photo, there are usually differences like number of bedrooms that explain the price difference.

Flugelhorn

I suspect the ones shown at half the price are ones that have a lifetime lease ie that an amount is stated for an individual of a certain age and they pay up front for the lease for their lifetime - after that the property reverts to the company  https://www.yopa.co.uk/homeowners-hub/what-does-lifetime-lease-purchase-mean/

https://www.homewise.co.uk/moving-home-solutions/home-for-life-plan

Chamali

MWT said:

Chamali said:

Can someone please give us more insight to 'Retirement properties' and why they're posted as such or why theyre posted twice...1 at a higher price and then lower for retirement?
Your help is really needed and appreciated! Thanks!!

Firstly, many of them will be in developments with a minimum age limit of 55 or 60...

Secondly they are usually leasehold and often have steep service fees as they will often include elements of assisted living, social facilities etc.

Could you post an example of the same property at two prices, as while it is not uncommon to see multiple listing of different apartments within such a development, often with the same exterior photo, there are usually differences like number of bedrooms that explain the price difference.

Thanks for your response! 
This is one example of a house that's posted twice with 2 different prices. 
It's freehold.
The first is within our budget and makes sense for my mum who is 70 and will be living with us. 
The second is now way outside our budget but it's for the same house. 

I'm too new to MSE to post links apparently but if you put
"rightmove 148922753" into google the property is the first link
"rightmove 148922750" is the second link

Sure the retirement home is still expensive for the majority of those between 55 and 60?

Chamali

Flugelhorn said:

I suspect the ones shown at half the price are ones that have a lifetime lease ie that an amount is stated for an individual of a certain age and they pay up front for the lease for their lifetime - after that the property reverts to the company 

That makes sense I think? Would that mean then that we could purchase the lower price as a retirement home and then purchase the difference if my mum was to pass on further down the line? 
(That is the saddest thing I've ever written)

amnblog

ONLY OVER 60s are eligible for the Home for Life from Homewise (incorporating a Lifetime Lease)

all is explained here

https://www.homewise.co.uk/

It is not for you, I am afraid.

This may be a better bet

https://landgah.com/shared-ownership/event/summer-open-day-at-east-river-wharf-newham/

MWT

Chamali said:

MWT said:

Chamali said:

Can someone please give us more insight to 'Retirement properties' and why they're posted as such or why theyre posted twice...1 at a higher price and then lower for retirement?
Your help is really needed and appreciated! Thanks!!

Firstly, many of them will be in developments with a minimum age limit of 55 or 60...

Secondly they are usually leasehold and often have steep service fees as they will often include elements of assisted living, social facilities etc.

Could you post an example of the same property at two prices, as while it is not uncommon to see multiple listing of different apartments within such a development, often with the same exterior photo, there are usually differences like number of bedrooms that explain the price difference.

Thanks for your response! 
This is one example of a house that's posted twice with 2 different prices. 
It's freehold.
The first is within our budget and makes sense for my mum who is 70 and will be living with us. 
The second is now way outside our budget but it's for the same house. 

I'm too new to MSE to post links apparently but if you put
"rightmove 148922753" into google the property is the first link
"rightmove 148922750" is the second link

Sure the retirement home is still expensive for the majority of those between 55 and 60?

It is exactly as Flugelhorn described, in one of those listings you are simply being offered the property for £550,000, in the other listing you are being sold a 'Lifetime Lease' which is only offered to the over-60s so not an option for you...

Flugelhorn

Chamali said:

Flugelhorn said:

I suspect the ones shown at half the price are ones that have a lifetime lease ie that an amount is stated for an individual of a certain age and they pay up front for the lease for their lifetime - after that the property reverts to the company 

That makes sense I think? Would that mean then that we could purchase the lower price as a retirement home and then purchase the difference if my mum was to pass on further down the line? 
(That is the saddest thing I've ever written)

no, the only way your mum could buy the property as a lifetime lease would be if no-one else under 60 was living there - after her death it would revert to the company.