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McCarthy and Stone Resales
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lakeland1828
Posts: 1 Newbie
Does anyone know what happens if a McCarthy & Stone flat fails to sell after many years and the accrued service charges now exceeds the value of the flat - are the beneficiaries responsible for the debt?
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I'd imagine that the Estate would be liable, not the beneficiaries. How many years has the flat been for sale? With annual charges of around £4500 the property must have sat empty for a good 20 years?0
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Why hasn't the property been reduced to rock bottom to get rid.Thrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time0 -
I do sympathise - my late Mum's Mcarthy Stone Flat - took 18 months to sell - you are normally in competition to sell with X number of flats. Isnt there something in the lease where First Port can take it over in this situation? If you dont pay the managmmentt fees I am pretty sure the Estate goes into default - I would ask First Port how to proceed. (The whole experience left me not ever wanting to get involved in retirement flats)0
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From what I have seen McCarthy and Stone properties are often the most expensive on the market with very high service charges. Their rentals are ridiculously high. We rent a 3 bedroomed house from an over 60s HA. It is in an affluent and desirable part of the country and we pay just over £1k pcm including service charges. The same size M + S in a nice area is well over £2.5k pcm.Larac said:I do sympathise - my late Mum's Mcarthy Stone Flat - took 18 months to sell - you are normally in competition to sell with X number of flats. Isnt there something in the lease where First Port can take it over in this situation? If you dont pay the managmmentt fees I am pretty sure the Estate goes into default - I would ask First Port how to proceed. (The whole experience left me not ever wanting to get involved in retirement flats)0
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