For homeowners with greater personal care needs, additional care and support is available to purchase from our in-house staff teams — you only pay for the care that you need. “The home building industry is committed to ensuring that leasehold is used appropriately and remains a safe and secure tenure for homeowners. Sign Up for Newsletter. Watch this video to learn more about the protective measures weâre taking and what you can expect from us when you arrive. You can compare our age exclusive options here. As with all leasehold properties in England and Wales, ground rents are a condition of the lease for our apartments. These fees are paid into the developmentâs sinking/contingency fund and are for everyoneâs benefit. The inventory contains details of the property and contents. Exclusive to the over the 70s, these are luxurious and low maintenance private apartments in great locations. They are the costs of running your development. This is a concession from the terms of the lease which are in essence one monthâs rent for each six month sublet period. Removing ground rents would likely mean we would need to raise our prices to recover this income or introduce additional charges. Step 2Weâll give you a part exchange offer based on these valuations. This document could form the basis for any dispute at the end of your tenancy and should be checked carefully. Itâs when the solicitors representing both you and McCarthy Stone swap signed contracts. Once youâve reserved your apartment, you - probably - need to sell your current home. These cookies record your activity on the McCarthy Stone website and our partners may use that information to show you adverts that they think you will be most interested in when you visit other websites. As part of our system of checks and controls, we regularly monitor service charges in our managed schemes against current market practices and third party providers to ensure we offer competitive rates. With Smooth Move we offer you contributions towards your estate agent and legal fees as well as free specialist removals: Up to £2,500 towards estate agent fees* If you sell your existing property through our recommended estate agents, we’ll contribute £2,500 (inc. VAT) towards fees, once you’ve legally completed. Yes. Care homes typically offer single room accommodation for rent, whereas our developments you own or rent your own private apartment. Outgoings, the management of Horsley Place is entrusted to McCarthy and Stone … 3. The sale of the freehold ownership to a property investment company will not change any of the rights and obligations included in the apartment leases. We charge a fee for the cost of chasing rental payments that are more than 14 days overdue. She was told by a sales woman that part exchange was a ”god-send”, and assured that she would not get less than the market value. Usually between around 12 to 16 weeks, but we will try to be flexible to your needs. These cookies allow us to understand how people use our website and where they came from, so that we can measure and improve the performance of our website, as well as to remember your preferences. We will collect the ground rent and service charges. Ground rent income goes towards the construction costs of the communal areas we provide. The question that often arises […] Our apartments are built to comply fully with building regulations which cover sound proofing. Ground rents are fixed for 15 years. We need advance notice of the proposed rental agreement and we ask for a reasonable contingency fee to be paid into an account held on trust for repairs to the property. Unlike other housebuilders, McCarthy Stone retains this long leasehold interest until after the lease of the apartments on a particular development has expired. exclusive possession (i.e. Talk to your sales consultant about the process or call: 0800 201 4811. For joint occupancy one of the occupants has to be over 60 and the other over 55. You’ll benefit from an on-site restaurant or bistro, a 24-hour Estate Management team, and the option of bespoke domestic and personal care package. McCarthy & Stone Retirement Lifestyles is the landlord in all new developments from September 2008. The freehold is sold to property investment bodies who are owned by mainstream UK pension and annuity funds. Our partners may also use information recorded by these cookies to see how well their adverts are performing. They can lead to a better understanding and faster resolution of matters concerning residents as a whole. Most McCarthy Stone developments offer properties with the option to buy or rent (or Part buy, part rent if you like) and you’ll be protected by an assured tenancy, which means we can’t ask you to leave unless you break the rules. We offer to pay reasonable legal costs to homeowners who wish to establish a Right to Manage company. We believe there is for a sensible proposal. Ground rents in retirement housing can be slightly higher than open market developments as they reflect the larger size of retirement schemes, which include significant shared facilities such as the lounge, the laundry, the guest suite, staff areas, and, in some developments a dining room, restaurant and mobility scooter room. No ground rent is payable for these properties. Council tax is not included in the service charge. Call them on: 0345 556 4126 or find out more. Stay in Touch Anyone completing on a home that will be their main residence before 31 March has the potential to save thousands of pounds. The leasehold ban was generally welcomed, but questions remain about the position of existing leaseholders. Care homes fees are usually inclusive of personal care. You would stop paying rent, but service charges and ground rent continue to be payable to McCarthy Stone. The retirement housebuilder – which charges an annual ground rent on its apartments – has been renegotiating its planning agreements, as well as taking a more cautious approach to buying land. You’ll be asked to provide identification documentation that complies with the latest Government Right to Rent regulations – our sales consultants will talk you through what you need. No. We have made significant improvements to our products and services in recent years to improve the quality of our apartments and their ability to retain value, including: Setting up an in-house management services team dedicated to high standards and a single end-to-end service for customers, More internal space, en-suites, underfloor heating, walk-in wardrobes, improved bathrooms, level-access showers and enhanced kitchens. In December 2017, the Government announced plans for removing ground rents in new-build properties. Full year results announcement for the 14 month period ended 31 October 2019 McCarthy & Stone (the 'Group'), t he UK's leading developer and manager of retirement communities, announces its financial results for the 14 month period ended 31 October 2019 ('2019').All comparatives are to the 12 month financial year ended 31 August 2018 ('2018') unless otherwise stated. In most of our developments water and sewage is included in the rent. The completion date is the day the property legally becomes yours. This type of scooter must be stored in your apartment. McCarthy & Stone said it does not build leasehold houses or apply escalating ground rents and that ground rents on its retirement flats go towards managing and maintaining the development. However, if the landlord of the building is held to be responsible for the flood then generally damage will be covered by the buildings insurance or the landlordâs public liability insurance policy. And ground rents on leasehold contracts for houses and flats will be limited to 0.1% of the property’s sale value. Services include help with going to bed and getting up in the morning, a sitting, night sleeping or waking service, preparing breakfast, getting to and from appointments or regular assistance during a period of convalescence. Other than the walk-in wardrobe, the apartments are unfurnished ready for your own furniture. RPI has been in the range c.1-4% since 2013 and was 3.3% in March 2018. Ground rent enables our apartments to remain competitively priced. 3.3% is equivalent to an extra £1.98 per week for typical rent of £60 per week. We have an in-house Resales team to support homeowners and their families when they come to resell their apartment. Kings Place Retirement Living developmentsThe service charge covers a range of services provided for homeowners, such as: We believe the charge provides good value for money. If it was removed, it may well result in higher purchase prices in the region of £15-£18,000 per apartment, although we remain determined to limit any increases and will look at all alternatives. It is your responsibility to tell suppliers that you have moved in and to set up payment. If a service There is also a small administration fee to cover the costs of checking that the incoming occupier meets the terms of the deed of conditions. McCarthy and Stone Augustus House gave us the best options for personal reasons and most importantly gave flexible life style arrangements. Yes, but we try to keep annual increases in line with inflation although certain costs like energy prices can have inflationary pressures that are outside of our control. YLMS provide flexible personal care and support packages, individually tailored to suit our homeowners’ needs. Ground rent £495 per annum. Open Data Institute Retirement villages are typically large-scale out-of-town developments of up to 250 units, providing a range of accommodation and care options. Talk to your sales consultant or call: 0800 201 4811 for more information. Campaign against Retirement Leasehold Exploitation has asked both McCarthy and Stone and Churchill Retirement Living for data that demonstrates price increases at … But the on-site restaurant/bistro offers good quality food at a low price on site every day with table service. Extra care, assisted care and Retirement Living PLUS are terms used interchangeably for the same development type. Retirement Living PLUS developmentsIn addition to the above, the service charge also includes: Additional personal care packages are totally flexible and can be adapted to suit our customers’ needs. Additional information for living in a Retirement Living PLUS apartment (over 70s only). Residents’ associations are encouraged in our developments. If the development was built by us before September 2008 but third parties own the freehold, we are unable to control the transfer/exit fee, but the owners will be fully aware of this. McCarthy and Stone said that they did not agree with the OFT's view but co-operated and agreed to the changes, see: Retirement housing company agrees to change its lease agreements. The ground rent does not increase after the 125th anniversary even though our new leases are for a term of 999 years. The additional 90 years is plus the present unexpired term. ... to new-build homes being sold under leasehold agreements… McCarthy Stone properties are designed for active independent living. These are elegant low maintenance private apartments in great locations, exclusive to the over the 60s. The service charge includes a small contribution to the contingency fund, but to keep it to a minimum, the fund is âtopped upâ by a one-off charge of 1% of the resale price upon the sale of the apartment. A small reservation deposit is needed to reserve your new home. McCarthy and Stone has profited the most from the retirement leasehold racket and yet has curiously not been the focal point of most of the opprobrium. Itâs also important to remember that our properties are more than simply a financial investment, they are an investment in the quality of life for our residents and their families. This can be used by visiting guests and relatives — who can stay overnight in our guest suites. That depends on your individual circumstances, but in many cases, service charges are lower than like-for-like costs in a previous property. All retirement leasehold blocks should do the same. Unlike other housebuilders, McCarthy Stone retains this long leasehold interest until after the lease of the apartments on a particular development has expired. Registered Address: 3rd Floor, 2–4 St George's Road, Wimbledon, London SW19 4DP VAT Number: 707 3118 58 — . Most problems can be solved quickly and informally by our House/Estate Managers or sales consultants, so please do speak to the team first. Find out more about functional cookies here. You can also store Class 3 (maximum speed 8 mph) scooters in the storeroom, which often contains a charging facility. Up to £1,000 towards legal fees* We’ll contribute to your legal fees when you use one of our recommended, independent solicitors. Tenure: Leasehold – 125 years from 01.01.15. No. Leases can be extended and you can find out further information from the Leasehold Advisory Service. Our onsite guest suites provides you with an alternative option for your guests, but you can invite them to your home if you prefer. You should seek advice from your solicitor to confirm how much SDLT you have to pay. You can read our briefing note here. Marion Bowley, in Weston super Mare, was offered £140,000 for her pleasant family house. The programme did not make the additional point that retirement properties are among the worst performing residential asset in the entire property market. The lease will state that youâre not permitted to occupy an apartment under the age limit set. These are shark infested waters and best avoided. If you havenât received a brochure within 10 days of your request then please give us a call on: 0800 201 4811. What further costs and fees are involved You can purchase further 10% increments, based on valuation at that point. There is a maximum five night stay within Retirement Living PLUS developments. Homeowners only pay for the care they need when they need it. It is there to benefit all homeowners and is used to pay for the replacement of carpets and furniture in the shared areas as well as longer term repairs like roofs, window frames and lifts. Administrators were at pains to … We will talk you through all the costs involved in living in a McCarthy Stone apartment before you buy. There is also a small administration fee collected by MSMS / YLMS to cover their costs to check that the incoming occupier meets the terms of the deed of conditions (i.e. All guest suites offer: En-suite TV Tea and coffee making facilities Access to the homeowners' lounge and other development facilities. You will also have to pay a security deposit equivalent to five weeks rent when you move in. We use small files called cookies to personalise your experience of our website, improve its performance and show you more relevant content. Talk to your sales consultant or call: 0800 201 4811 for advice. I live in a McCarthy & Stone apartment block built in 2000 the Leaseholders are Fairhold Homes No4 with their allotted service managers then Peverel/FirstPort and we have constantly been complaining about increases in costs to service charges since we purchased in 2000 as you will have seen on Campaign against retirement leasehold exploitation archives & national media. For many people, renting provides a quick, easy and flexible way to enjoy all the advantages of life in a beautiful McCarthy Stone property. We also have an in-house Resales estate agency service which achieves an average of c.4% net price increase per resale. The OFT challenged McCarthy & Stone, Fairhold and other key retirement property developers on the grounds that exit fees were potentially unfair terms in consumer contracts or leases. LKP’s advice is: do not buy retirement leasehold at all. If you do not allow these cookies, you may see more content and adverts that do not match your interests. Ground rent £495 per annum. As Baroness Gardner said, you needed to be a “mathematician” to understand it. It is a specific fund kept in the developmentâs own bank account. However, this varies, and some developments offer 30 minutes of domestic assistance. McCarthy and Stone use a third party to buy your house and then – seemingly generously – top the figure up, and discount the flat you are buying by a small amount. Before you can move into your property, you will need to pay the first monthâs rent together with your security deposit, minus the reservation deposit youâve already paid. 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