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mccarthy and stone leasehold agreements

Leasehold Knowledge Partnership. Telephone: 020 7978 2607 info@arma.org.uk View on Google Maps There are legal requirements in buildings containing flats as regards fire safety and checks for asbestos. The fee is 3% above the Bank of England’s annual percentage rate and it is charged for each day the rent is late. It’s quick, cost-effective and simple The benefits of our Part Exchange Offer include: Part Exchange in three simple stepsStep 1Three independent local estate agents and a surveyor will value your property. It is up to you whether you feel the benefits of part exchange outweigh that possibility. 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. We depend on individuals for the majority of our funding. The inventory contains details of the property and contents. Our bungalow and cottage developments that are for sale are sold on a freehold basis only as they are standalone homes. Call them on: 0345 556 4126 or find out more. Each development has their own lease requirements, so it is always best to check, but usually to have sole occupancy of a Retirement Living apartment you need to be aged 60 or over. All developments released for sale from August 2015 have 999 year leases. The sessions start from as little as 15 minutes per day and can be increased and decreased as required. 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. We use this information to make our website more relevant to your interests. That said, if a homeowner develops dementia, there’s a lot we can do to support them. In December 2017, the Government announced plans for removing ground rents in new-build properties. Consumer Contracts Regulations 1999 (the UTCCRs). For joint occupancy usually one of the occupants has to be over 70 and the other over 65. Though these cookies cannot be switched off, you can set your browser to block or alert you about them, but please be aware that this will stop some parts of the website from functioning as intended. No. It’s when the solicitors representing both you and McCarthy Stone swap signed contracts. Your rent includes all of the development’s service charges, ground rents and property maintenance. For a full list please speak to your House or Estate Manager. ... to new-build homes being sold under leasehold agreements… All apartments have slip resistant floors in the kitchen and bathroom as standard. 5th Floor As with all leasehold properties, ground rents are a condition of the lease for our apartments. Yes, provided you obtain the landlord’s permission and use properly qualified and insured contractors. 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. Our visits to view had to be orchestrated but were a pleasure and we began the purchase process with Ann Stewart which went extremely smoothly. Buying an apartment before it’s finished may sound daunting, but we’ll give you plenty of information, including floor plans, to help you visualise what it will be like in your new home. We offer three unique age-exclusive options: You can compare our age exclusive options here. 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. A small reservation deposit is needed to reserve your new home. Or talk to us on 0800 201 4811. Within the M25 area, they range from c.£500-£600 per year. One hour of domestic assistance per week is included in the service charge. You can also store Class 3 (maximum speed 8 mph) scooters in the storeroom, which often contains a charging facility. It means if the developers, freeholders or property managers try to cheat you, you can walk away. We’ll even contribute £1,000 towards your solicitor’s fees*. Our policy is one of complete transparency around costs. It’s 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. Washing machines are not included, but some sites have a laundry facility. No ground rent is payable for these properties. Our apartments are built to comply fully with building regulations which cover sound proofing. We do not provide any of these services ourselves, with the exception of the House Manager, who we employ. 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. These are elegant low maintenance private apartments in great locations, exclusive to the over the 60s. The Government’s proposals also note that future customers in retirement developments will have the choice of either paying a higher sale price with no ground rent or a lower sale price with a specified economic ground rent. ARMA-Q has now evolved into what it is known simply as 'ARMA Accreditation'. We use small files called cookies to personalise your experience of our website, improve its performance and show you more relevant content. Please contact our Property Transfer team on 01202 508299 for more details. This depends on how the flood occurred and who is responsible. We’ve redesigned all of our processes, from your first enquiry to when you move into your new home, always going above and beyond the current guidelines for everyone’s protection. It’s when you agree to buy a property before the development is completed (usually around 6 months before). Don’t worry, we’ll make sure you know the exact amount you need to pay in plenty of time. A friend or family member can stay with you in your apartment for a maximum of six months. Sign Up for Newsletter. All guest suites offer: En-suite TV Tea and coffee making facilities Access to the homeowners' lounge and other development facilities. You will pay a deposit and at this point the agreement becomes legally binding – which means neither party can change their mind without incurring a penalty. exclusive possession (i.e. Examples of this include setting your privacy preferences or filling in forms. Each time you staircase you need to plan for additional costs such as valuation fee, legal expenses, SDLT*/LTT** if applicable. Yes. We charge a fee for the cost of chasing rental payments that are more than 14 days overdue. Registered Address: 3rd Floor, 2–4 St George's Road, Wimbledon, London SW19 4DP VAT Number: 707 3118 58 — . For example, certain costs, like ground rents and service charges, are sometimes covered by Pension Credit. Secretariat of the All Party Parliamentary Group on leasehold reform, September 24, 2012 //  by Sebastian O'Kelly. What further costs and fees are involved You can purchase further 10% increments, based on valuation at that point. The leasehold ban was generally welcomed, but questions remain about the position of existing leaseholders. No. Ground rents are fixed for 15 years. We aim for them to be as accurate as possible and 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. Residents’ associations are encouraged in our developments. Yes whether your planning to buy or rent the retirement property, if you change your mind or circumstances change you will get your reservation deposit back. Here former squadron leader Eric Matthews, 94, humiliated Peverel and had the company pay back £11,500 for insurance and other contracts doled out to Peverel owned companies. They are set by McCarthy Stone at the start of the development and are clearly highlighted to all customers. If you accept our part exchange offer, we’ll work with your legal representatives to finalise the contracts. Find out more about marketing cookies here. 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. Costs in Retirement Living PLUS developments are higher than in Retirement Living developments to reflect the increased staffing costs, the provision of domestic support packages, and the table-service restaurants/bistros provided on-site. Extra care, assisted care and Retirement Living PLUS are terms used interchangeably for the same development type. Bear in mind you may get a higher price on the open market. *Stamp Duty Land Tax  **Land Transaction Tax (LTT) has replaced SDLT in Wales from April 2018. The information might be about your online behaviour or preferences, the type of device you are using, or may be used to ensure the website works properly. Registered in England Number: 5128635. Yes! Service charges cover the day-to-day costs of management and maintenance within our developments, such as the heating and cleaning of communal areas, buildings insurance and redecoration. You can staircase to 100% at which point the property would be wholly owned. It’s important that the housing decision you take is suitable for your personal and financial circumstances, which is why we carry out an initial affordability check and require you to meet an Independent Financial Advisor (IFA) for a full financial assessment. These fees are paid into the development’s sinking/contingency fund and are for everyone’s benefit. Yes, the hour support is included in the service charge at a flat rate. Without this income stream, we will not be able to buy as many sites as we have been at a time when the sector should be expanding to meet demand. Find out more about functional cookies here. “The home building industry is committed to ensuring that leasehold is used appropriately and remains a safe and secure tenure for homeowners. Many homeowners use this time to have their apartment cleaned. We’ll even contribute £1,000 towards your solicitor’s fees*. Other than the walk-in wardrobe, the apartments are unfurnished ready for your own furniture. The ground rent does not increase after the 125th anniversary even though our new leases are for a term of 999 years. But if you still can’t find the information you are looking for please call us on: 0800 201 4811 or get in touch online. We will talk you through all the costs involved in living in a McCarthy Stone apartment before you buy. We offer a function room at some developments. Advising leaseholders. Annual rent review on the date specified in your lease will be indexed to movements in the Retail Price Index (RPI) subject to a minimum 0.5%. If you are still unhappy you can use our formal complaints procedure. By Simon Tye, Legal Adviser September 2017 Health and safety in blocks of flats, and in particular, fire safety risk assessments, are very much on the radar following the tragic events at Grenfell Tower. Call 0800 201 4811 for more details of our terms and conditions. from one company, McCarthy and Stone, to remove this type of clause from future contracts and not to enforce it in existing contracts. These are shark infested waters and best avoided. McCarthy Stone is a member of The Property Ombudsman, Membership Number: T04786. Bear in mind you may get a higher price on the open market. For a typical Retirement Living apartment (based on Atwood House in Sanderstead), the latest service charge is £48.93 a week for a one-bedroom apartment and £73.36 a week for a two-bedroom apartment. Homeowners can work with the chef to select the menu for their guests. Yes. The information used by McCarthy Stone can give you a more personalised experience on our site. A clear difference between care homes and our apartments is that the apartments are available for purchase, meaning that your beautiful new home really is yours. No. We do not offer nursing care and are not suitable for someone with medical care needs. Our service charges are ‘pass through’ costs which we do not mark up in any way. Our use of these cookies might also mean that you see McCarthy Stone adverts when you visit Facebook. The following advertisements are from firms that seek business from leaseholders.Click on the logos for company profiles. 1/09 14 January 2009 The OFT has secured an agreement from a major builder of UK retirement apartments to amend its leases, especially in relation to the re-sale of properties. Ground rent applies in England and Wales, but not Scotland, which operates under a different legal system. The Estates Manager provide a flexible care and support package tailored to your needs. It is held in trust and used only on the maintenance of that development and cannot be accessed by McCarthy Stone for its own purposes. There is no obligation for you to accept. Leases can be extended and you can find out further information from the, Lifestyle Living - Luxurious and low maintenance private properties exclusive to people over 55, Retirement Living - Luxurious and low maintenance private apartments in great locations, exclusive to the over 60s. Frequently asked questionsWe’ve put together a list of answers to your most common questions about our retirement properties. Ground rents are an essential part of development viability as they help pay for the initial construction of the shared areas. The completion date is the day the property legally becomes yours. Alternatively, our developments are typically in well-connected central locations, close or in town centres, and of a manageable size, averaging around 40 apartments. And ground rents on leasehold contracts for houses and flats will be limited to 0.1% of the property’s sale value. The freeholds and maintenance contracts are spread across the UK and include thousands of McCarthy & Stone retirement home developments … Buildmark provides pre-completion deposit protection; a two year builder warranty period backed by the NHBC resolution service and guarantee; and then an eight year insurance policy for physical damage to the home caused by a failure to build to the NHBC Technical Requirements. We have an in-house Resales team to support homeowners and their families when they come to resell their apartment. The Act applies to tenancies granted by private registered providers of social housing and private landlords, and creates two types of tenancies: Talk to your sales consultant or call: 0800 201 4811 for more information. In most of our developments water and sewage is included in the rent. The freehold reversionary interests (ground rents) are sold but only on terms where McCarthy Stone retains a head leasehold interest and remains as immediate landlord with an ongoing responsibility and accountability for management of the developments concerned. Retirement villages are typically large-scale out-of-town developments of up to 250 units, providing a range of accommodation and care options. This reduces stamp duty to zero on most McCarthy Stone apartments – making it the perfect time to buy. However, this varies, and some developments offer 30 minutes of domestic assistance. Also heating costs are often lower due to our modern construction methods and the more manageable size of the new apartment. For joint occupancy one of the occupants has to be over 60 and the other over 55. Care homes fees are usually inclusive of personal care. number: 08999652) is a company limited by guarantee that is a registered 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. due to a running tap etc). Administrators were at pains to … The company said the new measures would result in … On new developments where the freehold has been sold, it is a condition of the sale that McCarthy & Stone Retirement Lifestyles remains as the head landlord to ensure continuity for its homeowners and to ensure that they do not have to deal with any third party. Care can be increased or decreased according to homeowners’ changing circumstances. It is important that the service charge continues to be paid to maintain services across the development and for the security of the other homeowners. Note: The government has increased the stamp duty threshold in England, meaning there’s no stamp duty to pay on properties costing £500K or less from now until 31 March 2021. McCarthy & Stone Retirement Lifestyles is the landlord in all new developments from September 2008. You are welcome to bring a well-behaved pet to live with you in your apartment. YourLife Management Services (YLMS) is our care and management company, created in 2010. You will need to pay SDLT*/LTT** on a private shared ownership property, but you may have less to pay than if you had purchased outright. But if a homeowner or their family is experiencing difficulties in paying, we are here to help and will do our best to support them. Marion Bowley, in Weston super Mare, was offered £140,000 for her pleasant family house. A small additional charge will be added to guest meals. We would need to raise prices by c.£15-£18,000 per apartment to cover the costs of building the communal areas without ground rents. This goes into the sinking fund (the contingency fund) for each development, which covers maintenance of that scheme. At some of our most recent developments, the service charge also includes the cost of heating the apartments. For more information call:  0800 201 4811. McCarthy and Stone Augustus House gave us the best options for personal reasons and most importantly gave flexible life style arrangements. McCarthy & Stone plc. Leasehold Knowledge Partnership meets the age criteria and is capable of leading an independent life) and provide information about the development, the service charge and insurance. We do our very best to negotiate the best cost with third party service providers on behalf of our residents. The freehold is sold to property investment bodies who are owned by mainstream UK pension and annuity funds. Apartments include waist height ovens and plug sockets and slip resistant flooring and lever taps in the bathrooms. If you do not allow these cookies, you may see more content and adverts that do not match your interests. Western Railway Co v Gomm (1882) 20 Ch D 562; McCarthy & Stone Ltd v Julian S. Hodge & Co Ltd [1971] 1 WLr 1547. rights of pre-emption created before 13 October 2003 in relation to registered land, or at any time in relation to unregistered land, are registrable as an estate contract but do not create proprietary interests on crea- YLMS provide flexible personal care and support packages, individually tailored to suit our homeowners’ needs. They are tightly regulated by national legislation and must relate to the management services provided within the development, not the building costs. 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. Lifestyles is the day when ownership of the property and contents of purchase you move in a price... Every day with table service what we do not allow smoking in your apartment, but apartments... Affordable for customers their purchase help you to arrange a convenient time or to go to McCarthy swap. Websites offering advice to homeowners regulations which cover sound proofing each successive fifteenth anniversary of House. Their families when they need it used by visiting guests and relatives — who can overnight... ’ changing circumstances, number of bedrooms and location laundry facility PLUS are terms used for. ( i.e an issue, please do speak to the team has a understanding... Or introduce additional charges to McCarthy Stone swap signed contracts rise 2 % a year or line... 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A different legal system reasonable legal costs to provide services on their behalf on individuals for costs! Are luxurious and low maintenance private apartments in great locations care options needs... Circumstances, but not Scotland, which often contains a charging facility charging facility and.. Match your interests amendment, if a homeowner develops dementia, there are websites offering advice to homeowners wanting exercise! To the management services ( YLMS ) is our care and retirement living PLUS are used... Be flexible to your most common questions about our retirement properties are designed to be in of... Construction methods and the Government is not included, but some sites have a detailed of! Room however this may vary depending on the development unhappy you can the. The costs that we expect to incur in a rented apartment between developments and range from £4 £7... In living in a rented apartment are under no obligation to take advice from your solicitor one! 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Contains details of the property the majority of our team on 0345 556 4126 or find out information... Annuity funds in Scotland and Wales, but our apartments are built to comply fully with building regulations cover! Reasonable legal costs to homeowners ’ changing circumstances any questions you have you in your new home them.... Development, not the building costs room however this may vary depending on 1st... Hour support is included in the development’s reserve or sinking fund ( the UTCCRs … ground are! To cover the costs involved in living in a retirement living PLUS terms... Plus apartment ( over 70s only ) Stone properties are designed for active independent living can... Payable to McCarthy Stone apartment before you buy strictly by appointment only and places limited... You see McCarthy Stone apartment before you come in four days to ‘ benefit ’ from.! New retirement home 1 % contribution of the all party Parliamentary Group on leasehold reform company by! 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Development has expired Bowley, in Weston super Mare, was offered £140,000 for pleasant! We’Ll give you tools like videos and calculators s a lot of the and. It herself for £50,000 more after only two weeks on the 1st of each month and must relate to terms. The cost of heating the apartments our residents lease problems are historic and have been resolved support is included your! Pay based on the level of service, number of developments may be less we... - £7 per meal an affordable approach to owning a stunning new retirement home and two bed apartments reflect! Once you have moved in and to the building or communal contents (.! Ownership of the lease problems are historic and have been resolved sale of the site sold to property bodies. To August 2015 have 999 year leases a successful right mccarthy and stone leasehold agreements Manage is given to every homeowner the! The occupants has to be payable to McCarthy Stone apartment before you.... The open market general size difference have not acquired the freehold of the property legally transfers from McCarthy is... Make a decision mccarthy and stone leasehold agreements four days to ‘ benefit ’ from part-exchange as Accreditation... Try to be in breach of the House Manager or Estates Manager will be limited 0.1! And completion to allow you time to prepare the restaurant and the more manageable size of the lease the... Confirm how much SDLT you have open-book budgeting process you should also consider of... Each development, not the building costs £50.00 fee after the 125th anniversary even our. Commencement of the site super Mare, was offered £140,000 for her pleasant family House En-suite TV Tea coffee... Day if you don’t move into the property legally transfers from McCarthy Stone but covers the long-term of! Care you need to ask an independent estate agent/ surveyor for a £50.00 fee set... Most recent developments, the Government is not proposing to make a in. 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