Mr Fenton replied: Well, we think there is something like 4.5 million in the UK who would consider downsizing . Be interested to see how the insurers try to hide the number. If these properties were sold to buyers who needed mortgages in many cases they would be ineligible as the ground rents are higher than 0.1% of the sales price. Sebastian OKelly, of www.BetterRetirementHousing.com, told the programme: How can they possibly have an exemption from the ground rent ban? 2011-11-28 189,950, 23, St. Richards Lodge Any potential new buyers would have been appalled at the way the sales team coaxes new clients into a disadvantageous part-exchange sales process of their existing home. Most other house builders dont do this. number: 08999652) is a company limited by guarantee that is a registered The most recent sale there was for 80,000, a 15,000 fall from the price it sold for 11 years earlier. Read our policy. Im going to go bankrupt at this rate, he says. A huge thank you to LKP for an outstanding service appreciated by so many. Our service charges in Retirement Living are about 36 per week for a one-bedroom apartment. The communal areas are well and truly covered by the initial cost of the flats, then the upkeep To pay for the home Mr Alderton had to sell the flat. 2011-09-27 289,950, 8, St. Richards Lodge What other charges does a company like this impose? I digress. Whilst trading successfully McCarthy & Stone have enhanced their performance figures by selling developments off plan (which they never used to do in the past). And the value of those properties on average has increased in 75% of cases.. This is similar to a sinking fund and finances carpets and furniture in the shared areas and longer-term repairs and renewals such as roofs, window frames and replacement of lifts. 2017-10-12 275,000 Avoiding disasters. Even allowing for the houses illustrious history the current owners just cant flog the joint. The programme began with an interview with Rosemary, from Chichester, who bought her retirement flat new from Churchill Retirement Living for 236,000 and has seen ground rents rise from 550 to 655 while at the same time its value has fallen to 150,000, she claims (see Land Registry data on re-sale prices at St Richards Lodge, Chichester, below). More horror stories from customers of Britain's biggest retirement home developer. If you make us bear this cost we will build less retirement housing?, Mr Fenton replied: It is honestly not blackmail. Blackmans final words to the Afghan as he lay close to death anyway were: Shuffle off this mortal coil you c***.. Check the best rates for you and get fee-free advice online. of these areas are covered as you say, by the residents, its a win win situation for Management. These areas total about 30 per cent of our developments (for example, our shared lounges, restaurants, scooter rooms, well-being suites and staff accommodation) and are essential to the lifestyle that retirement living provides for older people. Will Clive Fenton be trying to make his case with the APPG group next month. Open Data Institute When Cross first inherited the flat in 2015, the estate agents put it on the market for 143,000. For now though, the charges on the leasehold your parents are considering buyingshould be fair, so make sure they understand what they're paying and what it covers and how it might change in the future before they sign the contract. How to overhaul your portfolio and make your money work harder, House prices are falling: Downturn steps up a gear as property values dip 1.1% in first annual decline since June 2020 - and the largest in 12 years. Smiths agents are not the only ones to make this point. For a two-bedroom apartment, they are about 55 per week. He was flanked at the event by dozens of parents and young children. McCarthy & Stone is one of the largest providers of purpose built retirement homes in the UK. McCarthy & Stone was undoubtedly trashed by the Peverel/Firstport connection. charity (number: 1162584) with the Charities Commission.LKP website is hosted at www.34sp.comWebsite by Callia Web, LKP saves family 25,000 over shared equity McCarthy and Stone lease, McCarthy and Stone replies to Dispatches expos, McCarthy and Stone gives Peverel the push at 25 retirement sites. And a burger van on the Wendover bypass, Bucks Carsburger, probably the best burgers in the world. duty is to serve Millstream and to form a clique of buddies that will support him/her, when opposition Our approach is different from some To achieve victory in the leasehold game where you are playing against professionals and with rules that they know all too well - stay informed with the LKP newsletter. McCarthy & Stone is committed to a fully transparent communications process with all of our customers. Our customers tell us that the quality of life and the sense of community and companionship that comes from living in a communal, managed development has enhanced their lives greatly.. They dont want to pay big service charges. The ground rent income stream underpins the viability of our developments and largely pays for the significant communal areas we provide in our developments. McCarthy & Stone allows friends and family members to stay, including carers. It goes to the development and ensures that our homeowners do not face any unexpected financial burdens. Retirement developments require a service charge to pay for the services delivered within the development for customers. Maybe best to keep paying the 600pa. The real issue McCarthy & Stone will face if ground rent charges a presently constituted is outlawed they lose a substantial income stream that not only serves to support their business model, but Crucially it serves to disguise the true cost implications of the McCarthy & Stone lifestyle experience During Rep. George Santos' second run It has to be acknowledged that the purpose of taking management in house has largely been vindicated. A flat bought in April 2010 for 150,000 sold for 75,000 last year. It was acquired by Lone Star Funds in 2021. This allows McCarthy & Stone to maintain the quality and value of our developments. McCarthy & Stone retains a long leasehold interest in our new developments built since 2010. Read original story here or search Strand Court on this site. McCarthy and Stone said: Part exchange is only one of a number of options that we make available to our customers to facilitate their move. With hospital and school budgets under the most enormous pressure Id be grateful if Mrs May ordered this farce to stop. He showed Guardian Money his latest bill from Folkestone and Hythe council. After 10 years of banging my head against a brick wall, l am beginning to wonder whether it has been worth it, When all that time I could have been in the happy brigade. 2008-11-20 223,950, 44, St Richards Lodge Ostensibly this is to maintain good and consistent standards of management the reputation of. View our online Press Pack. Stopping forfeiture. Days after the Observer got in touch, Smith received a letter from the lawyers saying that the additional fees would be waived and that she had until mid-June to sell and pay the charges. McCarthy & Stones ground rents are fair and stable and set at the outset of the development. McCarthy and his team categorically denied those reports. Last year the charge was 562 every month equal to 6,744 a year, although this year it dropped back to 519 a month. Older people have become reluctant to buy retirement flats during the Covid pandemic. In fact they are not; they tend only to be in McCarthy & Stone Assisted Living blocks, and I have been told that they are partly subsidised by residents through the Service Charge. Published: 07:35 GMT, 20 March 2018 | Updated: 15:50 GMT, 20 March 2018. In April, I will have to take on the monthly council tax payment I estimate 125. That said dangers lurk ahead. My parents are buying a retirement flat from the specialist developer McCarthy & Stone. 2011-11-22 187,950, 12, St. Richards Lodge "It doesn't matter if you're from Louisiana, Florida, Indiana, New York or North Carolina or even California. To help improve this further, we launched a new in-house resales operation in 2017 to support our customers and their families when they come to sell their property. While the flat has been on the market, Cross has been liable for the service charge, ground rent and council tax, shelling out 18,000 so far. It means if the developers, freeholders or property managers try to cheat you, you can walk away. WebIn November 2019, the Guardian featured the case of a man who had been trying for four years to find a buyer for the one-bed McCarthy & Stone retirement flat in Kent that his For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Kelvin MacKenzie's suspicions about McCarthy & Stone property values were confirmed by Sun readers, 34,577 has been given to develop creative collaborations with Peru, Funeral for hero PC Keith Palmer is happening at Southwark Cathedral, Marine Sergeant Alexander Blackman has been convicted of murdering an insurgent during combat, His wife Claire Blackman has been ever-present fighting for her husband, Supporters of Marine Sergeant Alexander Blackman rejoiced after the conviction was quashed in March, Manor house in Weybridge, Surrey where John Lennon lived in 60s, John Lennon wrote two Beatle's tracks whileliving at the property, House has been on the market for five years and never sold, In 2012 the property was on the market for 13.75million, It has now significantly dropped in value despite the illustrious previous owner, I urge readers to attend the funeral of Westminster attack hero PC Keith Palmer, Independent Press Standards Organisation (IPSO). In fact, McCarthy and Stone in the past sold its ground rent portfolio to a private equity investor, Vincent Tchenguiz through his so-called Tchenguiz Family Trust in the British Virgin Islands. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group, Get a discount code to save on your internet security, Listen to podcasts and books for less with these offers, Get the ultimate broadband and entertainment bundle, Get great deals on existing and new plans, Have a clean house and save money with these offers, 'Copycat' scams now make up a THIRD of money fraud: Two victims tell us how they were fooled by people pretending to be a bank and a fashion influencer, Are you allowing your bank to rip you off? Our view is: change your model.. Nine out of 10 of our customers say moving to one of our properties improves their quality of life.. 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. Laurel Court flats attract praise but some have proved hard to sell. Picture framer, also in Bolsover Claim To Frame. hen Tony Crosss father was the first buyer at a McCarthy & Stone retirement development in Folkestone, Kent, he thought he was getting a bargain. WebLIVE: McCarthy FTX Scandal, Roger Stone & Noel Fritsch. London N1 9AG, Copyright 2023 Leasehold Knowledge Partnership | All rights reservedLeasehold Knowledge Partnership Limited (company Like most retirement developments, it only permits couples aged over 55 or single people aged over 60. One of the buy-it-now companies has offered me as little as 15,000 for it. Norman Greed, 82, showed that pensioners can organise a successful right to manage and slash the burden of their service charges. And they dont want to pay more than for an ordinary flat locally on the open market?. WebMcCarthy and Stone sales team urged part-exchange as god-send Mrs Grimsdale discovered that she would be 65,000 better off selling her own house and buying a I am worried about the fees they might face would they be charged escalating ground rents? 2009-02-05 195,950, 38, St. Richards Lodge His argument will be torn to shreds. NOMINATIVE determinism (jobs that fit the names): Urologist at Kingston Hospital, Surrey Mr Dick. History [ edit] John McCarthy and In 1993 we sold Peverel for 30 million to its management through Electra I think they would be up for it. Even if he let it out, he says he has been advised the rent would be about 600 a month at most, leaving him with an ongoing loss every month. It is excellent that Peverels disgraceful treatment of the pensioners at Strand Court, Rye, has been given a wider airing. Is Mr Fenton seriously trying to kid us that the communal areas represent 30% of the total area of each Development? BURGER van near Cardiff Airport Egg on Ronnies. Presenter Paul Lewis then subjected outgoing McCarthy and Stone CEO Clive Fenton to tough questioning. On top of that, the ground rent is a further 415 a year. She says two auction houses have told her that they are not taking on retirement properties. He says he cant be the only person in a situation to have inherited a retirement flat and not left it empty out of choice but because they cant find a buyer. By 2004, as a listed Another Santos Scandal? We have put the account on hold for three months and we have offered to waive all fees and charges that have been incurred so far on the basis that Ms Smith actively reviews the options we have presented to her again., Original reporting and incisive analysis, direct from the Guardian every morning. 2011-10-27 187,950, 33, St. Richards Lodge Cross changed agents seven times. House Majority Leader Kevin McCarthy shocked America when he decided to drop out of the race for Speaker of the House in 15, but perhaps more shocking where the rumors surrounding his exit. With heavy rain forecast, here's what you need to know, Could UK smaller companies offer opportunities for income-seeking investors? WebRetirement housebuilder McCarthy & Stone is to be taken over by US private equity group Lone Star at the end of today after the 647m bid received its final legal approval. In another complex in Surrey, with day-manager only, service charges for a two-bedroom flat are slightly higher - 404.76. It was reduced to 135,000, then 120,000. But she is still worried about that deadline, and fears she will not be able to raise the money in time. As Crosss home has sat on the market since 2015, the local council has applied the doubling in tax, and can triple it next year. Urging reform. Looking for a cheaper mortgage? The need to raise extra funds has been flagged up. 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