This was prompted from another thread which drifted onto the subject and as it's not something I've seen mentioned on here before (I may be wrong?) I thought it might merit a thread of it's own..
To save repetition I've taken the liberty of pasting 'the story so far' below, so Angela/Ian, if you have any objections please shout out load and accept my apologies in advance!
(Yesterday 02:41 PM)Angela Bryant Wrote: In the past week, I've put a property that I bought to sell onto the market >here.
(Yesterday 07:07 PM)ian2128038772 Wrote: Angela,
I just looked at your “bought to sell” and saw that it is a retirement property. I have seen a few retirement flats on the market locally that have been for sale over a very long time.
Do you mind me asking what level of charges do you have to pay while it is empty?
(Yesterday 08:52 PM)Angela Bryant Wrote: Last year the service charge was around £1,600 annually. Yes, it is a concern with retirement flats and I'm aware that others locally were on the market for some time.
I don't as a rule like retirement flats as I've bought one in the past that took ages to sell, but I bought this one at a good price which allows for all this.
Do you come from the area, or what is your particular interest if you don't mind me asking - are you considering retirement flats yourself?
(Yesterday 10:03 PM)ian2128038772 Wrote: We in live Marple/Stockport, I have seen a few retirement flats going relatively cheaply but they just don’t seem to move in the current market. I expect that most people that may buy one are holding out for a better price on their current property before moving. Offering part exchange may work, this is common on new build but does not seem to be done on resale’s.
I had a friend that needed to sell one, and the freeholder got to take 10% of any sale, along with very high service charges due to having 24hr staff on site. Personally I Iike the setup when someone can pay a one-of “rental” payment that provides the retirement flat for the rest of their life, as that avoids relatives having to sell a property that has such a restricted market.
(Today 08:00 AM)Angela Bryant Wrote: You make some good points. I like the part exchange idea, but how would you go about offering that? Would you just tell the estate agent to mention the possibility to viewers?
Re: "a one-of 'rental' payment that provides the retirement flat for the rest of their life..." How would you price up such a rental agreement? Would it be relative to the local rent level or to the sale price? How / would you factor in their age? Are private individuals even allowed to do that?! It sounds like a backwards reversionary property somehow (which of course is a regulated field) doesn't it?!
By the way, I'd also have to check the lease about whether I'd be allowed to sub-let. I know on the last retirement flat I bought that I wasn't allowed. I haven't even looked at this one's conditions on that point, as I had no intentions of letting it.
That's a bit harsh about the freeholder taking 10% of your mate's retirement flat. I've never heard of such a thing!
Thanks again for your thoughts anyhow. It's good to know there are ways to 'get creative' if necessary with this - it's never been my strong point, being creative!
However, it is early days as the property only went live on rightmove last Saturday. There was another for sale in the block which sold just before mine was listed, which was a great comfort and relief. So, we'll see! I'll let you know how it goes...
Meanwhile people, don't try this at home! Buying a retirement flat to sell is not the ideal BTS scenario!
(Today 12:05 PM)pat_flatley Wrote: I was led to believe (locally) that the buying criteria was you had to be 55 or over? (perhaps obvious for the resident but not so the owner?)
(Today 08:15 PM)Angela Bryant Wrote: The buying criteria for retirement flats varies in accordance with the lease. In the case of both the one I have now and the previous one I bought, the lease only stipulates that you cannot live in the property unless you are over a certain age. In both cases, my solicitor contacted the management company for the block to check on their interpretation and that they were prepared to accept I was buying to refurbish and sell, but not live there.
I remember in the case of the last one, they said that I wasn't allowed to let the flat either, even if it was to someone over 65 but I didn't really take in whether I could or not in this case, as I had no intentions of doing so (although I might double check that point if it doesn't sell).
They vary in the age you can live there too: the last one I bought was for over 65; this one is over 60 - which only applies to living there, not owning the place!!! I'm sure it must vary from one retirement block to another. In fact, the vendor was getting very nervous at one point, when I was buying this one, as it took SO LONG for the management company to reply on the point of whether or not they were ok about me owning it. I think they hadn't come across this scenario before and had to have a special meeting to discuss.
Well I can't blame them - how many young dolly birds do you want in your retirement complex?! 
Seriously though, it was quite good fun as I did some of the work myself, including removing all the old carpets throughout - which I loaded into my car for the dump, as I went in & out in my paint stained jeans. I wondered what some of the old dears might be thinking when they saw me out of their windows, being all 'young' and 'fit' and 'capable'... Well, it's all relative!!