Property Purchase in late 50s

theartfullodger

ThorOdinson said:

theartfullodger said:

Get a longer mortgage.  Think mine ends age 83.  

Are you planning to work until 83 or do you have some way of paying it off sooner?

Retired thank you, currently 76.  Various sources of income including 5 pensions 

Could pay off today but choose not to.

RHemmings

davetheman007007 said:

RHemmings said:

davetheman007007 said:

Myself and partner are looking to purchase a property but both in our mid 50's, the mortages are scary prices per month over 10 years.  We are considering a park home, any other suggestions / views

Park home in which part of the country? Any details on where you want to buy, how big your deposit is, and what your income is? 

Hertfordshire, combined imcome of around 80k

How big is your deposit? Hertfordshire is big, but there are quite a lot of park homes over the entire area. I've not looked into them before. Some are over 50s only (fine for you - may be an advantage with less competition.) 

Some are advertised as only allowing occupation for eleven months of the year. 

This property looks reasonably nice to me. It's in Chipperfield, Kings Langley, and has an asking price of £140k. That should be easy for you to buy and pay off with your combined income, even without a big deposit. I looked through the details, but I couldn't see details of costs and restrictions such as having to replace the home after a certain time period, etc., as mentioned above. 

https://www.rightmove.co.uk/properties/146613158#/?channel=RES_BUY

Using Chipperfield as an example throughout this post, there are a number of two bedroom park homes available for between £140k and £165k, one three bedroom park home for £240k, and then available property jumps to £425k for a three bedroom semi.  

The park homes in Chipperfield (at least those for sale) are in the Scatterdells Park. The rules for this location are a bit restrictive, but not really outside what I would expect for an over-50s community. 

https://www.dacorum.gov.uk/docs/default-source/licensing-documents/mobile-home-site-rules/scatterdells-rulesea250a4551156b7f9bc7ff00000246a4.pdf?sfvrsn=4430619e_4

Scatterdells Park can be used all year round, no 11 month maximum. 

https://wyldecrestparks.co.uk/faqs/

In the same FAQ they claim that the buildings should last as long as bricks and morter buildings. No mention of having to renew the building. 

There is a three bedroom property for sale at Scatterdells Park, for £120k. But, it does not look in good condition from the outside. 

https://wyldecrestparks.co.uk/residential-homes/preloved-park-home-at-scatterdells-park-hertfordshire/

However, I couldn't find out what the pitch fees actually are. (And whether there are any additional fees). This seems to be nowhere. 

To me, the park homes look like a reasonable property choice, particularly for those who want a property in an expensive area but can't afford it. But, it comes down to the pitch fees, and the risk of getting into arrears and (I am guessing) losing the home. In that way, like a leasehold flat with a high ground rent such that it becomes an AST. With the risk of repossession if the ground rent is not paid. 

There are some (to my eyes) very, very, expensive houses in Scatterdells Lane, outside the park home park. In the millions. It's clearly not a cheap area. 2.2 miles to Hemel Hempsted station, and I saw claims of public transport to London.

Leaving the example and going general again...

According to this page, a typical pitch fee is from £60 to over £200 per month, depending on amenities. Less than I was expecting.

https://parkhomes.lease-advice.org/faq/what-is-a-reasonable-pitch-fee/

That, to me, sounds reasonable. But, I wouldn't be surprised if there are ... outliers on the high end. That page also includes a link to information on the Mobile Homes (Pitch Fees) Act 2023, and FAQs about pitch fees. If I was seriously considering a park home, I'd be learning everything I could about this act. 

I think in hindsight I've over-done this post and fallen into 'Google Warrior' mode. I was curious about park homes and wanted to learn more. Given what I've read, park homes have gone into my memory as something not completely impossible for my future. I hope this lengthy post isn't a waste of your time, OP. 

horsewithnoname

Something I had cause to look at, and in fact the maximum age you can get is a mortgage to age 95! A good broker might be your best bet. 

davetheman007007

RHemmings said:

davetheman007007 said:

RHemmings said:

davetheman007007 said:

Myself and partner are looking to purchase a property but both in our mid 50's, the mortages are scary prices per month over 10 years.  We are considering a park home, any other suggestions / views

Park home in which part of the country? Any details on where you want to buy, how big your deposit is, and what your income is? 

Hertfordshire, combined imcome of around 80k

How big is your deposit? Hertfordshire is big, but there are quite a lot of park homes over the entire area. I've not looked into them before. Some are over 50s only (fine for you - may be an advantage with less competition.) 

Some are advertised as only allowing occupation for eleven months of the year. 

This property looks reasonably nice to me. It's in Chipperfield, Kings Langley, and has an asking price of £140k. That should be easy for you to buy and pay off with your combined income, even without a big deposit. I looked through the details, but I couldn't see details of costs and restrictions such as having to replace the home after a certain time period, etc., as mentioned above. 

https://www.rightmove.co.uk/properties/146613158#/?channel=RES_BUY

Using Chipperfield as an example throughout this post, there are a number of two bedroom park homes available for between £140k and £165k, one three bedroom park home for £240k, and then available property jumps to £425k for a three bedroom semi.  

The park homes in Chipperfield (at least those for sale) are in the Scatterdells Park. The rules for this location are a bit restrictive, but not really outside what I would expect for an over-50s community. 

https://www.dacorum.gov.uk/docs/default-source/licensing-documents/mobile-home-site-rules/scatterdells-rulesea250a4551156b7f9bc7ff00000246a4.pdf?sfvrsn=4430619e_4

Scatterdells Park can be used all year round, no 11 month maximum. 

https://wyldecrestparks.co.uk/faqs/

In the same FAQ they claim that the buildings should last as long as bricks and morter buildings. No mention of having to renew the building. 

There is a three bedroom property for sale at Scatterdells Park, for £120k. But, it does not look in good condition from the outside. 

https://wyldecrestparks.co.uk/residential-homes/preloved-park-home-at-scatterdells-park-hertfordshire/

However, I couldn't find out what the pitch fees actually are. (And whether there are any additional fees). This seems to be nowhere. 

To me, the park homes look like a reasonable property choice, particularly for those who want a property in an expensive area but can't afford it. But, it comes down to the pitch fees, and the risk of getting into arrears and (I am guessing) losing the home. In that way, like a leasehold flat with a high ground rent such that it becomes an AST. With the risk of repossession if the ground rent is not paid. 

There are some (to my eyes) very, very, expensive houses in Scatterdells Lane, outside the park home park. In the millions. It's clearly not a cheap area. 2.2 miles to Hemel Hempsted station, and I saw claims of public transport to London.

Leaving the example and going general again...

According to this page, a typical pitch fee is from £60 to over £200 per month, depending on amenities. Less than I was expecting.

https://parkhomes.lease-advice.org/faq/what-is-a-reasonable-pitch-fee/

That, to me, sounds reasonable. But, I wouldn't be surprised if there are ... outliers on the high end. That page also includes a link to information on the Mobile Homes (Pitch Fees) Act 2023, and FAQs about pitch fees. If I was seriously considering a park home, I'd be learning everything I could about this act. 

I think in hindsight I've over-done this post and fallen into 'Google Warrior' mode. I was curious about park homes and wanted to learn more. Given what I've read, park homes have gone into my memory as something not completely impossible for my future. I hope this lengthy post isn't a waste of your time, OP. 

Wow a lot of information hear, this is in an ideal location for us

https://www.rightmove.co.uk/properties/150943076#/?channel=RES_BUY

Am stll waiting for the fees

RHemmings

That might be Baldock Park Homes, though it seems there are multiple park home locations in Baldock. 

https://www.google.com/search?q=Baldock+Park+Homes

The google reviews don't seem too bad, but there is limited information online. 

If Hillside Park is the same company, then the rules are quite strict in some areas. E.g. no making noise that is audible to other residents from music, TV, musical instruments, etc. https://parkhome-living.co.uk/park-homes-for-sale-and-rent/hillside-park-hertfordshire 

For this property, site fees are £141 per month. https://media.onthemarket.com/properties/3056737/doc_0_3.pdf  That includes water rates and park maintenance. 

Maahes

davetheman007007 said:

Did not realise you could get that long, when I search in google, was getting 65 to 70 max age which I presume would be for the eldest, my partner is 2 years older than me

My mortgage, taken out last year with Metro, runs until I'm 79.

RAS

And deposit?

Would you be able to relocate the jobs somewhere less expensive?

ThorOdinson

theartfullodger said:

ThorOdinson said:

theartfullodger said:

Get a longer mortgage.  Think mine ends age 83.  

Are you planning to work until 83 or do you have some way of paying it off sooner?

Retired thank you, currently 76.  Various sources of income including 5 pensions 

Could pay off today but choose not to.

Ah, boomer pensions.

Keep in mind that those kinds of pensions haven't been available for years, so this is completely impossible for younger people in their 40s and 50s now.

whizzywoo

Be careful if going down the park homes route.  We looked into this and eventually walked away.

The site must have a full residential licence.  Check it out with the local council, don't just take the word of the owner.  Many have a 12 month licence but this is not a licence to live there full time.
Make sure each plot has it's own postal address.
Even on a full residential park your rights are severely restricted.  
You may have to buy your electricity and gas direct from the site and it's usually way overpriced.
Site fees are not cheap and go up each year.
Restrictions on parking and what you can and can't have on your plot.

The new statics are lovely to look at and very tempting but do not been drawn in until you have done your due diligence.  

davetheman007007

Have been infomed the Pitch Fee (includes Water) is £192.09 per month, there is no age restrictions on the park home and we would responsable for the Gas & Electric ourselves.