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Buying and Living in Age Restricted Properties (If You Are Younger than Stated Age)

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  • lincroft1710
    lincroft1710 Posts: 17,648 Forumite
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    Margot123 wrote: »
    And can also sting the family when the person passes away or goes into long-term care. Awful set-ups!

    But there is an advantage that one can afford to buy in a more expensive area
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • Larac
    Larac Posts: 945 Forumite
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    We are trying to sell my late Mum's (Mcarthy Stone) retirement flat and potential buyers are in 'interviewed' for suitability. No way would you could get into one of these 'under age'. They are setup to support 'older folk' who want security, safety and hassle free living.
  • KeepOnKnitting
    KeepOnKnitting Posts: 658 Forumite
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    lincroft1710 wrote: »
    But there is an advantage that one can afford to buy in a more expensive area

    Only you aren't really buying. You are leasing. The property will not be yours. You could die a year later and then you have rented a house for a year for 60% of the purchase price.
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  • moneyistooshorttomention
    moneyistooshorttomention Posts: 17,940 Forumite
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    lincroft1710 wrote: »
    But there is an advantage that one can afford to buy in a more expensive area

    I have noticed that there are no houses sold on that basis in my current area (West Wales) and I don't think there are any in my rather dearer Home City.

    I think this is designed deliberately in order to have people think precisely that. But you are taking a risk whether you'll "get your money's worth" in return - fair "payment reduction" to start with and you live long enough to make it "worth it" on the other hand.

    Don't know how often these schemes find they get stung back - the person concerned living well into 90s and beyond (and any extra they need to to recoup any extra charge they had for being a woman)...but suspect it's not that frequent.
  • lincroft1710
    lincroft1710 Posts: 17,648 Forumite
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    KeepOnKnitting wrote: »
    Only you aren't really buying. You are leasing. The property will not be yours. You could die a year later and then you have rented a house for a year for 60% of the purchase price.

    But conversely if I lived for 30 years it would have been a good deal.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • lincroft1710
    lincroft1710 Posts: 17,648 Forumite
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    moneyistooshorttomention wrote: »
    I have noticed that there are no houses sold on that basis in my current area (West Wales) and I don't think there are any in my rather dearer Home City.

    I think this is designed deliberately in order to have people think precisely that. But you are taking a risk whether you'll "get your money's worth" in return - fair "payment reduction" to start with and you live long enough to make it "worth it" on the other hand.

    Don't know how often these schemes find they get stung back - the person concerned living well into 90s and beyond (and any extra they need to to recoup any extra charge they had for being a woman)...but suspect it's not that frequent.

    They tend to be in the more popular places people tend to retire to. I don't think "money's worth" comes in to it, you could buy a property to retire to via the normal method and still drop dead tomorrow without having had your money's worth.

    But clearly if you have children/relatives/friends or good causes you want to leave money to, you don't go down this route.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • moneyistooshorttomention
    moneyistooshorttomention Posts: 17,940 Forumite
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    lincroft1710 wrote: »
    They tend to be in the more popular places people tend to retire to. I don't think "money's worth" comes in to it, you could buy a property to retire to via the normal method and still drop dead tomorrow without having had your money's worth.

    But clearly if you have children/relatives/friends or good causes you want to leave money to, you don't go down this route.

    True - but if you've bought your house in the standard way/standard price - then your "estate" keeps all the money the house is worth and shares it out according to your Will (bar the Government getting their mitts on it for care home costs somewhere along the line).

    But buy one of these houses and the money you've spent on it just goes up in a puff of smoke - as the firm gets it - so it's not available to leave to your chosen beneficiary/ies.
  • lincroft1710
    lincroft1710 Posts: 17,648 Forumite
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    moneyistooshorttomention wrote: »
    True - but if you've bought your house in the standard way/standard price - then your "estate" keeps all the money the house is worth and shares it out according to your Will (bar the Government getting their mitts on it for care home costs somewhere along the line).

    But buy one of these houses and the money you've spent on it just goes up in a puff of smoke - as the firm gets it - so it's not available to leave to your chosen beneficiary/ies.

    Which is exactly what I said!

    But clearly if you have children/relatives/friends or good causes you want to leave money to, you don't go down this route.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    Zwanster03 wrote: »
    Looking to get on the property ladder and have noticed how many properties are being sold for low prices, but they're all 55+ or 60+, my question is, is there any way for people younger than the age requirements to buy and live in such places? Any loopholes that can be taken into account, such as if a parent at this age bought the property then gave it to their child to live in?

    No you can't. The age restrictions are enforced.
  • Marvel1
    Marvel1 Posts: 7,172 Forumite
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    KeepOnKnitting wrote: »
    Only you aren't really buying. You are leasing. The property will not be yours. You could die a year later and then you have rented a house for a year for 60% of the purchase price.

    Not to sound so cold hearted but it's not going to affect them (buyer) after death.
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