Re-Selling a McCarthy Stone property

gudda96

I read a previous post about the difficulties of selling an unwanted apartment. It seemed to be said that the price one might obtain is much less than the purchase price. If this is true, it must make it a good deal for anyone wanting to buy one  surely. What I dont  understand is how or who advertises the property, do MS have any control over the sale. Most people who are considering buying one, as "I might be" would snap up a property if offered at the drastically reduced price.

theartfullodger

Likely depends on original purchase contract.  Have you carefully read, then re-read, yours please?

user1977

Many people wouldn't be keen on buying something which is likely to be difficult to sell, even at a bargain price.

subjecttocontract

The father of a friend of mine bought one of these properties. When he passed away my friend then spent at least 2 years trying to find a buyer. During that time he had to continue to pay all the costs for the property.  I wouldn't touch one with your badgepole.

youth_leader

A friend accepted an offer on her house in 2020 but the buyer pulled out to buy a newly built MCcarthy Stone.  She has recently found out this woman died in 2023 and her family are still trying to sell, and having to pay the high monthly maintenance fees.  If you search this forum you will find many similar stories.

If you are on your own, and would like some support/company, I recommend assisted living at Abbey Field if there is one in your area.  Depending on the site you should have an independent flat with a tiny cooking area.  My aunt lives in Shanklin and the Abbey Field there offers lunch and supper/dinner, all bills excluding council tax, for £1500 per month.  They knock at your door every morning to make sure you are OK.  Big communal lounge with activities if you want.  You have to wait for a place generally and be ready to move quickly. 

youth_leader

Just for fun I've had a google as I would love to go home to Twickenham but can't afford it - look how many places they have for sale! And the prices! Retirement properties for sale or rent | McCarthy Stone

jbainbridge

As far as I can make out you just sell them as a normal property - though I think M&S expect a fee. Also there is an ongoing service charge.

Demand will vary .. so resale could be difficult, although some locations have high demand and have no issues selling.

Albermarle

Clearly it is better to buy a second hand M&S property at a heavily discounted price than a new one.
However that does not necessarily mean it is a good idea.

Murphybear

Albermarle said:

Clearly it is better to buy a second hand M&S property at a heavily discounted price than a new one.
However that does not necessarily mean it is a good idea.

One of the major issues with trying to sell M & S properties is their outrageous service charges.  I had a look at some of them and found a 1 bedroom property in Surrey where the service charge is £13,445 a year.  🙀

As far as I am aware the service charges still have to be paid while the property is empty and on the market.  

For comparison, I live in an over 60s Housing Association 3 bedroom house in a desirable part of the country.  The rent is £12,000 pa  including the service charge.  This is £25 per month less than it was last year as the electricity bill for the communal areas, which include unlimited use of Miele commercial washing machines and tumble dryers, was less than the estimate.  

Albermarle

Murphybear said:

Albermarle said:

Clearly it is better to buy a second hand M&S property at a heavily discounted price than a new one.
However that does not necessarily mean it is a good idea.

One of the major issues with trying to sell M & S properties is their outrageous service charges.  I had a look at some of them and found a 1 bedroom property in Surrey where the service charge is £13,445 a year.  🙀

As far as I am aware the service charges still have to be paid while the property is empty and on the market.  

For comparison, I live in an over 60s Housing Association 3 bedroom house in a desirable part of the country.  The rent is £12,000 pa  including the service charge.  This is £25 per month less than it was last year as the electricity bill for the communal areas, which include unlimited use of Miele commercial washing machines and tumble dryers, was less than the estimate.  

That is cheap AFAIK .

I have a friend who rents a one bed flat ( reasonably modern and nice) near Reading and just the rent is £12Kpa, so plus bills and a small service charge.

Eldi_Dos

subjecttocontract said:

The father of a friend of mine bought one of these properties. When he passed away my friend then spent at least 2 years trying to find a buyer. During that time he had to continue to pay all the costs for the property.  I wouldn't touch one with your badgepole.

But was your friends father happy and comforable and secure in his flat before he passed away.Surely that is more to the point than what the final resale value was.

We now know a couple, from bumping into them in local coffee shop, who moved up here from Kent when they retired and they thourghly love their MS flat and feel they have a far better quality of life than they had before.

If there is less left as a inheritance or for a care home does it really matter, when you get to the end of the road.