Stopping forfeiture. The additional 90 years is plus the present unexpired term. number: 08999652) is a company limited by guarantee that is a registered Leasehold agreements will also need to run for at least 125 years for flats and 250 years for houses. 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. The retirement community sector uses ground rent income to recover much of the construction costs of the communal areas within our developments. It is best to take advice from an insurance broker. The care packages can be increased or decreased as your needs change. Yes if you live on the development you can use the guest suite on some of our other developments. For joint occupancy usually one of the occupants has to be over 70 and the other over 65. Usually there is a two-week gap between exchange and completion to allow you time to prepare and book removal services. We do not offer care homes. It explains residents’ rights, including the right to set up their own management company or to go to a third-party provider. We use small files called cookies to personalise your experience of our website, improve its performance and show you more relevant content. One hour of domestic assistance per week is included in the service charge. If you do not allow these cookies, you may see more content and adverts that do not match your interests. This is in spite of the hard sell, the dismal capital values and they fact that McCarthy and Stone draws … For example, certain costs, like ground rents and service charges, are sometimes covered by Pension Credit. These fees are paid into the development’s sinking/contingency fund and are for everyone’s benefit. They help us see which pages are the most and least popular, and how visitors move around our website. 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 landlord’s public liability insurance policy. We can arrange a private, confidential Wellbeing Assessment with the Estates Manager, and a personalised care plan is then put in place so homeowners can be sure they’ll have all the care and support they need from the moment they move in. 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. Leases can be extended and you can find out further information from the Leasehold Advisory Service. The age restrictions for occupiers are often imposed by council planning departments and are in line with government policy which encourages purpose built accommodation for older people. It’s when you agree to buy a property before the development is completed (usually around 6 months before). This type of scooter must be stored in your apartment. McCarthy and Stone Augustus House gave us the best options for personal reasons and most importantly gave flexible life style arrangements. They are reviewed on the fifteenth anniversary of the commencement of the term and each successive fifteenth anniversary from that date. It will also cover accidental damage to the fixtures and fittings. Appeal number: TC/2010/0691 & TC/2010/0686. You are welcome to bring a well-behaved pet to live with you in your apartment. Call on: 0800 201 4811. They can lead to a better understanding and faster resolution of matters concerning residents as a whole. McCarthy Stone properties are designed for active independent living. Each time you staircase you need to plan for additional costs such as valuation fee, legal expenses, SDLT*/LTT** if applicable. Within a Retirement Living development a homeowner’s guest or guests are welcome to stay for as long as the suite is available and paid for. We can’t ask you to leave unless you have broken the terms of the agreement. 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. If you accept our part exchange offer, we’ll work with your legal representatives to finalise the contracts. Information on Right to Manage is given to every homeowner in the Purchasers Information Pack. We believe the charge provides good value for money. You’ll receive a service charge leaflet and our Sales Consultant will sit down with you to help you fill in the costs, review what’s covered in budget and compare the to day-to-day running costs with your current home. We’ll even contribute £1,000 towards your solicitor’s fees*. Bear in mind you may get a higher price on the open market. The Estates Managers can provide you with more details, or talk to us on 0800 201 4811. 70% is the standard option – there are options to increase this over time, known as staircasing. Talk to your sales consultant or call: 0800 201 4811 for advice. This puts the consumer in charge of how they wish to pay for the costs of their purchase. Or talk to us on 0800 201 4811. But the on-site restaurant/bistro offers good quality food at a low price on site every day with table service. You can read our briefing note here. Residents’ associations are encouraged in our developments. Read original story here or search Strand Court on this site. Will hedge-funders clean up in £500 million McCarthy and Stone float? 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. 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. You will receive your reservation deposit back if you don’t move into the property (whether you were planning to buy or rent). charity (number: 1162584) with the Charities Commission.Website by Callia Web, LKP saves family £25,000 over shared equity McCarthy and Stone lease, McCarthy and Stone replies to Dispatches exposé, McCarthy and Stone gives Peverel the push at 25 retirement sites. 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. Within the M25 area, they range from c.£500-£600 per year. Yes, if you own the apartment then smoking is allowed within your apartment, but not within communal areas. All care and support services can be provided by our on-site care staff. In most of our developments water and sewage is included in the rent. Retirement villages are typically large-scale out-of-town developments of up to 250 units, providing a range of accommodation and care options. Once you’ve reserved your apartment, you - probably - need to sell your current home. Yes. 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. 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. We take care to explain each option so customers can make an informal decision on what is right for them.”. These are shark infested waters and best avoided. 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. Your sales consultant will take you through everything you need to know before you come. Ground rent enables our apartments to remain competitively priced. The Leasehold Reform Housing and Urban Development Act 1993 (as amended) is legislation which provides an opportunity for an additional term of 90 years, at a peppercorn rent which is basically the same as being rent free. The sessions start from as little as 15 minutes per day and can be increased and decreased as required. You can make an amendment, if McCarthy Stone agree, for a £50.00 fee. Most of our developments are more than happy to welcome a well behaved pet to live with you in your new home. Stay in Touch Living in a McCarthy Stone apartment - including rights, rules and what's included. Find out more about functional cookies here. 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. Family or friends can own the apartment on your behalf, but only people that meet the age requirements and criteria for the development can live there. Some of our sites have a laundry facility, although this varies. 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. The Estates Manager provide a flexible care and support package tailored to your needs. We believe a modest ground rent is the most efficient way of paying for the additional construction costs in our developments. “The home building industry is committed to ensuring that leasehold is used appropriately and remains a safe and secure tenure for homeowners. Residents can also use the meetings to air their views. The buildings insurance included within the service charge generally only covers damage that is caused to the building or communal contents (i.e. The majority of properties built and managed by McCarthy Stone increase in value when resold. If you lose or damage the keys to the property, you will be charged reasonable costs to provide replacements. Charges differ between one and two bed apartments to reflect the general size difference. For a free and confidential review, please visit our Entitlement Advice Service. These are elegant low maintenance private apartments in great locations, exclusive to the over the 60s. They are the costs of running your development. The team has a unique understanding of retirement living, enabling us to communicate all the benefits clearly. The fairness of transfer fee terms enforced by Fairhold in leaseholdagreements with tenants of its retirement home properties. Other tasks can include: In addition, a member of our management team is on site 24 hours-a day, 365 days-a-year to provide reassurance. McCarthy and Stone plc Retirement housing company agrees to change its lease agreements. Unless we say otherwise, it’s your responsibility to arrange and pay for council tax, electricity, gas, water, sewage rates, TV licence etc. Our policy is one of complete transparency around costs. We will be point of contact for the day to day management of the apartment and manage the provision of services to the apartment and communal facilities of the development generally. 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. Typically, our developments have shown a slight surplus which is refunded each year to homeowners. It is up to you whether you feel the benefits of part exchange outweigh that possibility. Mrs Grimsdale discovered that she would be £65,000 better off selling her own house and buying a McCarthy and Stone flat for cash – the discount for a cash purchase being much better than the supposed discount for a part-exchange. Benefits include:It’s an affordable approach to owning a stunning new retirement home. *A 1% contribution of the resale price still applies upon resale. Care homes fees are usually inclusive of personal care. 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. Ground rent £495 per annum. A small reservation deposit is needed to reserve your new home. Yes. Other than the House Managers and Estate Management teams, who we employ, we do not provide any of the services ourselves but instead get competitive quotes from other providers. It is also possible to exchange and complete on the same day if you want to. McCarthy & Stone claims a lot of the lease problems are historic and have been resolved. 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. 3.3% is equivalent to an extra £1.98 per week for typical rent of £60 per week. Charges vary slightly between developments and range from £4 - £7 per meal. 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. In many cases, service charges are lower than like-for-like costs in a purchaser’s previous property, so homeowners rarely have difficulties with ongoing costs. Sign Up for Newsletter. Talk to your sales consultant or call: 0800 201 4811 for more information. Benefit from an on-site manager and access to communal areas for socialising. 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. For leases from October 2014, the subletting contingency fee has been reduced to a contingency fee of 1% of the annual rent (or pro-rata for under-letting of less than one year). 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. Peverel said in a statement that it “accepted the LVT decision”, which is very gracious of it. 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. Find out more about strictly necessary cookies here. Please call us on: 0800 201 4811 and we’ll take you through your options, from virtual tours to booking a viewing. 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. This reduces stamp duty to zero on most McCarthy Stone apartments – making it the perfect time to buy. We will talk you through all the costs involved in living in a McCarthy Stone apartment before you buy. *Stamp Duty Land Tax **Land Transaction Tax (LTT) has replaced SDLT in Wales from April 2018. RPI has been in the range c.1-4% since 2013 and was 3.3% in March 2018. Extra care, assisted care and Retirement Living PLUS are terms used interchangeably for the same development type. ... McCarthy & Stone falls into the red as COVID-19 nearly halves sales. A small number of developments may be less if we have not acquired the freehold of the site. The Act applies to tenancies granted by private registered providers of social housing and private landlords, and creates two types of tenancies: Part 1 of the Housing Act 1988 deals with assured tenancies and came into effect on the 15 th January 1989.. Yes, the hour support is included in the service charge at a flat rate. The council tax band varies per development. There is a maximum five night stay within Retirement Living PLUS developments. There are legal requirements in buildings containing flats as regards fire safety and checks for asbestos. Find more information here, speak to a member of our team on 0345 556 4104 or email [email protected]. 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. So you only pay for the care you need at the time you need it. 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. Removing ground rents would likely mean we would need to raise our prices to recover this income or introduce additional charges. 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. 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. For managed developments released for sale prior to August 2015, leases are typically for 125 years. The rents rise 2% a year or in line with the retail prices index, whichever is higher. At some of our most recent developments, the service charge also includes the cost of heating the apartments. Our service charges are ‘pass through’ costs which we do not mark up in any way. Usually between around 12 to 16 weeks, but we will try to be flexible to your needs. Our partners may also use information recorded by these cookies to see how well their adverts are performing. 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. Advising leaseholders. When it comes to finding your ideal new apartment, you should also consider which of our development types best fits your needs. Bear in mind you may get a higher price on the open market. A small number of developments may be less if we have not acquired the freehold of the site. It’s when the solicitors representing both you and McCarthy Stone swap signed contracts. The Government has also recommended allowing the retirement community sector to continue to charge a fair and stable ground rent after the reforms are introduced because of the way our sector uses ground rents to help pay for the initial construction costs of our shared areas. On 1st September 2008, McCarthy Stone abolished this fee on all leases in all developments built after that date. Age restrictions and age exclusive options for retirement living. Outgoings, the management of Horsley Place is entrusted to McCarthy and Stone … We will collect the ground rent and service charges. All developments released for sale from August 2015 have 999 year leases. The fee is 3% above the Bank of England’s annual percentage rate and it is charged for each day the rent is late. The completion date is the day when ownership of the property legally transfers from McCarthy Stone to you. Secretariat of the All Party Parliamentary Group on leasehold reform, September 24, 2012 //  by Sebastian O'Kelly. The ground rent does not increase after the 125th anniversary even though our new leases are for a term of 999 years. Please contact your Sales team for more details. Our resales team can answer any questions you have. The money raised from the sale of the freeholds is then reinvested into the business to assist with the funding of future developments. You may of course decorate your apartment how you like once you have purchased it. Kings Place Yes. If they can no longer live safely and independently in a development, we can work with them and their family to help them move to a more specialised setting. Homeowners can work with the chef to select the menu for their guests. Anyone completing on a home that will be their main residence before 31 March has the potential to save thousands of pounds. The security deposit is equivalent to five weeks rent. Urging reform. In addition, there are shared areas, including a homeowners’ lounge, function room and maintained gardens. 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. A small additional charge will be added to guest meals. We will contact you to arrange a convenient time. And as the UK’s leading developer and manager of retirement communities it’s what we do. Every year the service charge is agreed in consultation with residents in our managed schemes through an open-book budgeting process. At some of our most recent developments, the service charge also includes the cost of heating the apartments. From this, we introduced a new self-regulatory regime for our members in 2014 known as ARMA-Q. When we use the information from these cookies it is grouped together and therefore anonymous. Call them on: 0345 556 4126 or find out more. They are tightly regulated by national legislation and must relate to the management services provided within the development, not to construction or repair costs. Of accommodation and care options tenants ’ contents insurance to protect homeowners from costs... 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