McCarthy & Stone Resales is here to support you when you come to sell your McCarthy & Stone managed property. Learn more from our Resales Director David Gabriel who has answered some of your frequently asked questions:
Q1) How much notice do I have to give McCarthy & Stone if I want to sell my apartment?
It is the decision of the homeowner when they feel it is the right time to sell their property. Equally, if the homeowner has passed away or moved to a care home it would then become the responsibility of the Power of Attorney to sell the apartment. No notice must be given to McCarthy & Stone, although anyone wishing to purchase the property would need to have an occupier’s approval, ensuring that they meet all the necessary criteria and capabilities to live within one of McCarthy & Stone’s retirement developments.
If you were to instruct McCarthy & Stone Resales to sell you apartment our team of experts would be able to get the property live on the market within days from the point of instruction. This would include the preparation of the property’s particulars (including professional photos, detailed floor plans and location maps), which would be marketed to our database of eligible buyers and promoted online through our various property portals.
Q2) Are Retirement Apartments more difficult to sell than regular apartments?
It is difficult to accurately estimate how long a property will take to sell as this is dependent on a variety of factors including; the condition of the property, location, price, market conditions, etc. However, when compared to selling a regular residential property the timeline for achieving a sale can be longer, this is because the property has an age restriction.
Consideration also needs to be given to the vulnerability of our elderly buyers. Making the decision to move to a retirement living development is life-changing and can take some time for them to decide whether this is the right move for them.
McCarthy & Stone Resales are fortunate to have built a renowned reputation and are generally the first point of call for anyone seeking a preowned retirement property in the UK. We have therefore built a substantial database of eligible buyers, whom we are able to market our property portfolio. Our wealth of experience and tailored approach to marketing our properties also help to achieve sales efficiently – taking on average just 111 days to secure a sale on a property.
Q3) Is it a condition of resale, that homes must be sold through an estate agent of McCarthy and Stones choosing?
Homeowners or the Power of Attorney are free to instruct whom they wish to sell their property and are under no obligation to use McCarthy & Stone’s Resales service. However due to our unique insight into retirement living and passion for communicating all the lifestyle benefits that our retirement communities provide - we feel we are best placed to sell preowned McCarthy & Stone managed apartments.
By choosing McCarthy & Stone Resales sellers will benefit from a variety of sales and marketing activities carried out by our specialist team, including:
• Professional property details featuring; photography, floor plans and location maps
• Online advertising via our own dedicated Resales website, the UK’s leading property portal, Rightmove and Elderly Accommodation Counsel website
• Targeted marketing to our growing database of registered buyers
• Viewings of your property accompanied by the House/ Estates Managers or our own consultant out of hours
• Support in choosing legal and removal providers to help make your move as smooth as possible
• Free and confidential entitlements advice is available to all our customers to explore what allowances you may be entitled to.
• Plus, purchasers have access to a variety of services aimed to ease the buying process, these include; part-exchange, removal and legal service packages
Q4) Do full service charges still need to be paid, if the property is on the market and uninhabited?
Yes, they do. If the homeowner has moved out or sadly passed away all service charges still need to be paid. In this instance it would become the responsibility of the homeowners’ Power of Attorney to ensure these fees are paid. This is because Service Charges cover all the ongoing staffing, running and upkeep costs of the development, which continues even if the apartment is inhabited.
Q5) How much does it cost to extend a leasehold?
All developments released for sale from August 2015 have 999 year leases. A small number of developments may be less if we have not acquired the freehold of the site. For managed developments released for sale prior to August 2015, leases are typically for 125 years. Leases can be extended and you can find out further information from the Leasehold Advisory
Q6) Will I be charged an Exit fee?
We do not charge exit fees that come back to the developer as profit. We charge a 1% sinking fund contribution (known as the contingency fee), which is paid on resale. This is held in trust for the long-term benefit of that development and its residents.
Q7) Is the resale value likely to be significantly less than the price I paid to buy the property?
As research by the Elderly Accommodation Counsel shows, new retirement developments typically increase in value. Our in-house resales operation supports our customers and has averaged a c.4% or c.£7,000 price improvement on resales. We urge customers to use our expert resale service rather than high street estate agents who don’t always fully understand or properly value retirement properties.
It also important to consider that the value of retirement living is also not just in the price. Our communities create healthier and happier lives for our residents, reducing the challenges they face as they age, and nine out of 10 say we improve their quality of life. Our apartments also save people money in costly care home fees and are typically much cheaper to run than their previous home.
For more information please contact our friendly Resales team who will be happy to answer any questions you have about selling you property.