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  • FIRST POST
    • Zwanster03
    • By Zwanster03 11th Jan 18, 9:21 PM
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    Zwanster03
    Buying and Living in Age Restricted Properties (If You Are Younger than Stated Age)
    • #1
    • 11th Jan 18, 9:21 PM
    Buying and Living in Age Restricted Properties (If You Are Younger than Stated Age) 11th Jan 18 at 9:21 PM
    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?
Page 1
    • HampshireH
    • By HampshireH 11th Jan 18, 9:28 PM
    • 700 Posts
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    HampshireH
    • #2
    • 11th Jan 18, 9:28 PM
    • #2
    • 11th Jan 18, 9:28 PM
    Quite often these are often advertised at the real market value as well and that is the price you would be looking at working from.

    Most of these adverts state what % they are for people over x age
    • robatwork
    • By robatwork 11th Jan 18, 9:29 PM
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    robatwork
    • #3
    • 11th Jan 18, 9:29 PM
    • #3
    • 11th Jan 18, 9:29 PM
    No, they are retirement flats for people either retired or close to it. Those residents don't want to be with people who have young children. Or noisy barbecues etc.
    • davidmcn
    • By davidmcn 11th Jan 18, 9:35 PM
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    davidmcn
    • #4
    • 11th Jan 18, 9:35 PM
    • #4
    • 11th Jan 18, 9:35 PM
    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?
    Originally posted by Zwanster03
    Nope. Parents can pass the property to their children if they like, but doesn't mean children will be allowed to live in it (generally speaking).

    Also, many of the apparently low prices will have hefty service charges hidden behind them (for wardens, lifts, communal lounges etc).
    • HampshireH
    • By HampshireH 11th Jan 18, 9:36 PM
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    HampshireH
    • #5
    • 11th Jan 18, 9:36 PM
    • #5
    • 11th Jan 18, 9:36 PM
    Many are large family homes being sold of a sort of life time lease.

    Homewise is one such company
    • G_M
    • By G_M 11th Jan 18, 9:59 PM
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    G_M
    • #6
    • 11th Jan 18, 9:59 PM
    • #6
    • 11th Jan 18, 9:59 PM
    Yes some are on a form of equity release. The low price buys you the property for your lifetime, but on death the property reverts back to the company that sold it (rather than going into the estate to be inherittted)

    The age restriction is enforced as the commpany does not want to wait 50 years to get the property back!
    • moneyistooshorttomention
    • By moneyistooshorttomention 12th Jan 18, 8:04 AM
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    moneyistooshorttomention
    • #7
    • 12th Jan 18, 8:04 AM
    • #7
    • 12th Jan 18, 8:04 AM
    I've got a feeling that those schemes have sex discrimination in them as well?

    Going by age is an understandable/objective factor - but I believe I read somewhere that what one thinks is a fixed "older person price" varies according to what sex your body is - and women get charged more at the moment....

    I may be wrong on that - but I think they do the same malarkey as the sex discrimination that goes on on house equity release schemes still at the moment.
    *******************
    • SerialRenter
    • By SerialRenter 12th Jan 18, 8:11 AM
    • 597 Posts
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    SerialRenter
    • #8
    • 12th Jan 18, 8:11 AM
    • #8
    • 12th Jan 18, 8:11 AM
    Many are large family homes being sold of a sort of life time lease.

    Homewise is one such company
    Originally posted by HampshireH
    Yup, and i absolutely hated them when i was searching for a house, because they don't list their homes under the retirement option on right move so it's not filtered out.
    So you see a nice house for a really good price, click on it only to see its bloody Homewise and the actual price is 100,000 more for non retirement.
    *Assuming you're in England or Wales.
    • Margot123
    • By Margot123 12th Jan 18, 8:58 AM
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    Margot123
    • #9
    • 12th Jan 18, 8:58 AM
    • #9
    • 12th Jan 18, 8:58 AM
    Yes some are on a form of equity release. The low price buys you the property for your lifetime, but on death the property reverts back to the company that sold it (rather than going into the estate to be inherittted)

    The age restriction is enforced as the commpany does not want to wait 50 years to get the property back!
    Originally posted by G_M
    And can also sting the family when the person passes away or goes into long-term care. Awful set-ups!
    • hazyjo
    • By hazyjo 12th Jan 18, 9:50 AM
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    hazyjo
    High service charges usually too!
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • Waterlily24
    • By Waterlily24 12th Jan 18, 11:03 AM
    • 943 Posts
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    Waterlily24
    One of our old houses is up for sale at the moment this one and one with homewise


    http://www.rightmove.co.uk/property-for-sale/property-69472304.html

    http://www.rightmove.co.uk/property-for-sale/property-51102129.html
    • lincroft1710
    • By lincroft1710 12th Jan 18, 2:39 PM
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    lincroft1710
    And can also sting the family when the person passes away or goes into long-term care. Awful set-ups!
    Originally posted by Margot123
    But there is an advantage that one can afford to buy in a more expensive area
    • Larac
    • By Larac 14th Jan 18, 10:24 AM
    • 823 Posts
    • 512 Thanks
    Larac
    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
    • By KeepOnKnitting 14th Jan 18, 10:53 AM
    • 160 Posts
    • 231 Thanks
    KeepOnKnitting
    But there is an advantage that one can afford to buy in a more expensive area
    Originally posted by lincroft1710
    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.
    Save 12k in 2018 #62
    • moneyistooshorttomention
    • By moneyistooshorttomention 14th Jan 18, 10:57 AM
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    moneyistooshorttomention
    But there is an advantage that one can afford to buy in a more expensive area
    Originally posted by lincroft1710
    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.
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    • lincroft1710
    • By lincroft1710 14th Jan 18, 3:45 PM
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    lincroft1710
    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.
    Originally posted by KeepOnKnitting
    But conversely if I lived for 30 years it would have been a good deal.
    • lincroft1710
    • By lincroft1710 14th Jan 18, 3:54 PM
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    lincroft1710
    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.
    Originally posted by moneyistooshorttomention
    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.
    • moneyistooshorttomention
    • By moneyistooshorttomention 14th Jan 18, 5:42 PM
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    moneyistooshorttomention
    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.
    Originally posted by lincroft1710
    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
    • By lincroft1710 14th Jan 18, 8:38 PM
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    lincroft1710
    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.
    Originally posted by moneyistooshorttomention
    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.
    • Cakeguts
    • By Cakeguts 14th Jan 18, 8:50 PM
    • 4,424 Posts
    • 6,358 Thanks
    Cakeguts
    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?
    Originally posted by Zwanster03
    No you can't. The age restrictions are enforced.
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