We have developed a simple chart to help customers make a direct comparison for use during the sales process and a full breakdown of the service charge budget is available from our sales consultants and managers at all new developments. 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. 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. The service charge includes a small contribution to the contingency fund, but to keep it to a minimum, the fund is ‘topped up’ by a one-off charge of 1% of the resale price upon the sale of the apartment. Anyone completing on a home that will be their main residence before 31 March has the potential to save thousands of pounds. Then the Dispatches sent in an actress posing as the 79-yeat-old widow Mrs Grimsdale, who was pretending to sell a four-bedroom terraced house in Worthing to buy a one-bedroom flat at Cherrett Court, Bournemouth. Usually there is a two-week gap between exchange and completion to allow you time to prepare and book removal services. This document could form the basis for any dispute at the end of your tenancy and should be checked carefully. These cookies record your visit to our website, the individual pages you visit, the links you follow and the type of device you use. Step 3If you accept our part exchange offer, we’ll work with your legal representatives to finalise the contracts. At some of our most recent developments, the service charge also includes the cost of heating the apartments. These figures are correct up to 30 June 2021. London N1 9AG, Copyright © 2020 Leasehold Knowledge Partnership | All rights reservedLeasehold Knowledge Partnership Limited (company We also have an in-house Resales estate agency service which achieves an average of c.4% net price increase per resale. Peverel said in a statement that it “accepted the LVT decision”, which is very gracious of it. Talk to us on 0800 201 4811. We offer a function room at some developments. 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. But the on-site restaurant/bistro offers good quality food at a low price on site every day with table service. Find out more about strictly necessary cookies here. The inventory contains details of the property and contents. Your rent includes all of the development’s service charges, ground rents and property maintenance. Extra care, assisted care and Retirement Living PLUS are terms used interchangeably for the same development type. It is also possible to exchange and complete on the same day if you want to. “they are doing their very best to get the flats off their books as quickly as possible,” said solicitor Rachel Stafford. Yes. Care homes fees are usually inclusive of personal care. Over the past two years, our Entitlement Advice Service has helped our customers claim more than £1 million a year in unclaimed benefits, advising on things like Council Tax benefit, Attendance Allowance, and state pensions. Homeowners are under no obligation to take care packages from us and can use a third party if preferred. McCarthy & Stone Retirement Lifestyles is the landlord in all new developments from September 2008. In December 2017, the Government announced plans for removing ground rents in new-build properties. The ground rent does not increase after the 125th anniversary even though our new leases are for a term of 999 years. 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. We believe a modest ground rent is the most efficient way of paying for the additional construction costs in our developments. On 1st September 2008, McCarthy Stone abolished this fee on all leases in all developments built after that date. 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. Secretariat of the All Party Parliamentary Group on leasehold reform The completion date is the day the property legally becomes yours. Yes. 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. The freeholds and maintenance contracts are spread across the UK and include thousands of McCarthy & Stone retirement home developments … McCarthy Stone is a member of The Property Ombudsman, Membership Number: T04786. If you disagree with anything in it, you must let us know within 14 days of the start of your tenancy. For joint occupancy one of the occupants has to be over 60 and the other over 55. If a service Special dietary requirements can be catered for and friends and family are welcome to join for lunch. Watch this video  to learn more about the protective measures we’re taking and what you can expect from us when you arrive. Sign Up for Newsletter. What further costs and fees are involved You can purchase further 10% increments, based on valuation at that point. Bear in mind you may get a higher price on the open market. Should you wish to end your tenancy after the 12 month fixed term, you need to provide two months written notice. Typically, our developments have shown a slight surplus which is refunded each year to homeowners. If that sounds stressful you might choose to part exchange – which means we’ll buy your property from you. This is in spite of the hard sell, the dismal capital values and they fact that McCarthy and Stone draws up its disadvantageous and exploitative leases. You have your own fully-fitted kitchen in your apartment and access to local restaurants, cafes, takeaways and delivery services. Yes, but it is included in your monthly rent. For joint occupancy usually one of the occupants has to be over 70 and the other over 65. The service charge budgets represent the costs that we expect to incur in a normal year, with a full development. By clicking "Accept all" you agree to our use of cookies or, you can click on the list items to find out more and manage your preferences. We don’t believe in a ‘one size fits all’ approach. 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. 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. The lease will state that you’re not permitted to occupy an apartment under the age limit set. Our partners may also use information recorded by these cookies to see how well their adverts are performing. You can make an amendment, if McCarthy Stone agree, for a £50.00 fee. All developments since 2010 are managed by a division of McCarthy that it … Ground rent £495 per annum. Assured Tenancy means that you agree to rent the property for a fixed term of 12 months, but after that you can leave at any time as long as you give two months written notice. Some of our sites have a laundry facility, although this varies. For a free and confidential review, please visit our Entitlement Advice Service. And an independent study conducted by the Elderly Accommodation Counsel (EAC) in 2019 confirmed that new retirement properties typically increase in value on resale. 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. The council tax band varies per development. You can use this 'Manage settings' feature to switch on or off certain types of cookies, although some cookies are necessary for our site to work correctly. If we do not hear from you, we will assume that you agree that it is accurate. Advising leaseholders. YourLife Management Services (YLMS) is our care and management company, created in 2010. A flexible, affordable alternative to outright purchase, with all the benefits of ownership. Your sales consultant will take you through everything you need to know before you come. 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. 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. This aimed to raise standards and the quality of service across the residential leasehold management sector and by 2016 all ARMA members had met the new regime. YLMS provide flexible personal care and support packages, individually tailored to suit our homeowners’ needs. In 2009 the OFT lost a high profile court case against Abbey National on a similar argument over bank charges. 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. You can compare our age exclusive options here. Removing exit fees* and introducing 999 year leases, You may be able to access cash tied up in your existing property (known as ‘equity release’), You can choose to buy a bigger percentage of the property in the future – this reduces the rent you pay, If you want, we can buy your existing property as a part exchange, You’ll be eligible for our free Smooth Move removal service, plus a contribution to legal and estate agent fees, The running costs of the restaurant (with a small additional cost payable per meal eaten in the restaurant, which is typically £4.00 for a three-course meal freshly prepared on-site), Fixed for 15 years, longer than the average stay of our residents, Increases linked to inflation or two per cent per annum if higher, and compounded yearly, We remain as the landlord with all management responsibilities. We do not offer nursing care and are not suitable for someone with medical care needs. Our ground rents are typically between c.£400-£500 per year depending on the level of service, number of bedrooms and location. 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. Housing developers are set to be banned from selling new-build houses on a leasehold basis, while ground rents on new leases will be slashed to zero, the Government has announced today. Shares of retirement home builder McCarthy & Stone (LSE: MCS) fell by up to 15% this morning.The shares slumped after the developer warned investors that its 2017/18 profits could fall Norman Greed, 82, showed that pensioners can organise a successful right to manage and slash the burden of their service charges. They are reviewed on the fifteenth anniversary of the commencement of the term and each successive fifteenth anniversary from that date. We will contact you to arrange a convenient time. They can lead to a better understanding and faster resolution of matters concerning residents as a whole. 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. The information used by McCarthy Stone can give you a more personalised experience on our site. Don’t worry, we’ll make sure you know the exact amount you need to pay in plenty of time. The cost is usually £25 per night for the room however this may vary depending on the development. There are legal requirements in buildings containing flats as regards fire safety and checks for asbestos. This means that we will continue to be the landlord and responsible for the estate management of the development. Ground rent applies in England and Wales, but not Scotland, which operates under a different legal system. Council tax is not included in the service charge. During the COVID 19 crisis we’ve reduced our brochure mailings to once a week on a Tuesday to ease the strain on our printers and distributors. Our service charge varies slightly from development to development reflecting their different sizes and facilities, but they are calculated in the same way across the country. Our customers recognise that they are buying into a lifestyle based around security and companionship, as well as warmth, friendship, ease of maintenance, reduced responsibilities and enhanced wellbeing. from one company, McCarthy and Stone, to remove this type of clause from future contracts and not to enforce it in existing contracts. Yes. Part 1 of the Housing Act 1988 deals with assured tenancies and came into effect on the 15 th January 1989.. 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. No ground rent is payable for these properties. We believe it is the best way to protect homeowners from unexpected costs like a major refurbishment or structural repairs. Open Data Institute Once you’ve reserved your apartment, you - probably - need to sell your current home. Washing machines are not included, but some sites have a laundry facility. How it worksYou purchase a minimum 50% share in a brand new McCarthy Stone retirement property and pay rent on the part you don’t own. It is your responsibility to tell suppliers that you have moved in and to set up payment. You will be asked to run through some quick health questions before your visit and follow our safety procedures including a temperature check. Yes. For managed developments released for sale prior to August 2015, leases are typically for 125 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. Or talk to us on 0800 201 4811. We have an in-house Resales team to support homeowners and their families when they come to resell their apartment. The UTCCRs … 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. Leasehold Knowledge Partnership However, we’re committed to dealing with individual residents’ needs and concerns on a one-to-one basis and residents’ associations do not replace the personal touch. We do our very best to negotiate the best cost with third party service providers on behalf of our residents. Urging reform. Examples of this include setting your privacy preferences or filling in forms. One hour’s domestic assistance is included in the weekly service charge in the majority of Retirement Living PLUS developments. Most problems can be solved quickly and informally by our House/Estate Managers or sales consultants, so please do speak to the team first. OFT considered the term likely to be in breach of the Unfair Terms in Consumer Contracts Regulations 1999 (the UTCCRs). You can also store Class 3 (maximum speed 8 mph) scooters in the storeroom, which often contains a charging facility. As a result, our customers live independently and have healthier, happier and, hopefully, longer lives. This fee does not go to McCarthy Stone but covers the long-term maintenance of your development. Stopping forfeiture. All rental payments are due on the 1st of each month and must be paid by direct debit. Frequently asked questionsWe’ve put together a list of answers to your most common questions about our retirement properties. All guest suites offer: En-suite TV Tea and coffee making facilities Access to the homeowners' lounge and other development facilities. 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