We’ll ask you to complete a Rental Application Pack and an Income and Expenditure form to get the information we need to do standard background checks. Peverel said in a statement that it “accepted the LVT decision”, which is very gracious of it. McCarthy Stone is a member of The Property Ombudsman, Membership Number: T04786. Roland Head explains why McCarthy & Stone plc (LON:MCS) has slumped and reveals the housebuilder he owns. Unless we say otherwise, it’s your responsibility to arrange and pay for council tax, electricity, gas, water, sewage rates, TV licence etc. It will also cover accidental damage to the fixtures and fittings. Download the Tenancy Deposit Scheme leaflet. ... to new-build homes being sold under leasehold agreements… Anyone completing on a home that will be their main residence before 31 March has the potential to save thousands of pounds. For example, certain costs, like ground rents and service charges, are sometimes covered by Pension Credit. One hour of domestic assistance per week is included in the service charge. Care homes typically offer single room accommodation for rent, whereas our developments you own or rent your own private apartment. Usually between around 12 to 16 weeks, but we will try to be flexible to your needs. Up to £1,000 towards legal fees* We’ll contribute to your legal fees when you use one of our recommended, independent solicitors. All developments released for sale from August 2015 have 999 year leases. This means that we will continue to be the landlord and responsible for the estate management of the development. If you do not allow these cookies we will not know when you have visited our website and will not be able to monitor its performance. We do however charge a 1% sinking/contingency fee which is paid on resale. Within the M25 area, they range from c.£500-£600 per year. Exclusive to the over the 70s, these are luxurious and low maintenance private apartments in great locations. Please contact your Sales team for more details. McCarthy & Stone (MCS) may be lobbying the government for an exemption from proposals to crack down on ground rents on new leasehold properties, but it is preparing for the worst nonetheless. Our use of these cookies might also mean that you see McCarthy Stone adverts when you visit Facebook. Ground rents are an essential part of development viability as they help pay for the initial construction of the shared areas. Meals for special events will be priced by each individual experience and may cost more. 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. The rent is set at the point of purchase. Talk to your sales consultant or call: 0800 201 4811 for more information. You can staircase to 100% at which point the property would be wholly owned. As with all leasehold properties, ground rents are a condition of the lease for our apartments. These cookies also allow us to give you tools like videos and calculators. LKP’s advice is: do not buy retirement leasehold at all. Services include help with going to bed and getting up in the morning, a sitting, night sleeping or waking service, preparing breakfast, getting to and from appointments or regular assistance during a period of convalescence. The service charge budgets represent the costs that we expect to incur in a normal year, with a full development. No ground rent is payable for these properties. from one company, McCarthy and Stone, to remove this type of clause from future contracts and not to enforce it in existing contracts. You can also store Class 3 (maximum speed 8 mph) scooters in the storeroom, which often contains a charging facility. Find out more about functional cookies here. The lease will state that you’re not permitted to occupy an apartment under the age limit set. the leasehold) of certain property for a fixed period of time (such as 99 or 125 years). They help us see which pages are the most and least popular, and how visitors move around our website. A small number of developments may be less if we have not acquired the freehold of the site. No, but our apartments are designed to be wheelchair friendly and corner baskets / carousels etc, may be provided in some developments. We sometimes carry out inspections to check the condition of the property and to see if there’s any maintenance work we need to do. We offer a function room at some developments. Many congratulations to all who participated in the programme, and to the programme makers. Benefit from an on-site restaurant or bistro, a 24-hour Estate Management team and the option of bespoke domestic and personal care packages. All retirement leasehold blocks should do the same. Note: While we provide a wide range of personal care and support services, it is not suitable for people who require residential nursing care. If you disagree with anything in it, you must let us know within 14 days of the start of your tenancy. 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 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. exclusive possession (i.e. We depend on individuals for the majority of our funding. McCarthy & Stone plc. We can recommend retailers of carpets, curtains and light fittings etc or you can employ your own choice of companies if you would prefer. Ground rent income goes towards the construction costs of the communal areas we provide. These are elegant low maintenance private apartments in great locations, exclusive to the over the 60s. The care packages can be increased or decreased as your needs change. She was told by a sales woman that part exchange was a ”god-send”, and assured that she would not get less than the market value. Extra care, assisted care and Retirement Living PLUS are terms used interchangeably for the same development type. Yes. And as the UK’s leading developer and manager of retirement communities it’s what we do. 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. A small number of developments may be less if we have not acquired the freehold of the site. As with all leasehold properties in England and Wales, ground rents are a condition of the lease for our apartments. If a service It is your responsibility to tell suppliers that you have moved in and to set up payment. 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. For a free and confidential review, please visit our Entitlement Advice Service. Usually there is a two-week gap between exchange and completion to allow you time to prepare and book removal services. Special dietary requirements can be catered for and friends and family are welcome to join for lunch. 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. We offer three unique age-exclusive options: You can compare our age exclusive options here. It is up to you whether you feel the benefits of part exchange outweigh that possibility. Sign Up for Newsletter. Read original story here or search Strand Court on this site. 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. Checks and controlsWe do our very best to negotiate the best cost with third party service providers on behalf of our residents. When it comes to finding your ideal new apartment, you should also consider which of our development types best fits your needs. We take care to explain each option so customers can make an informal decision on what is right for them.”. Or talk to us on 0800 201 4811. Yes! 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. 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. No. meets the age criteria and is capable of leading an independent life) and provide information about the development, the service charge and insurance. Once you’ve reserved your apartment, you - probably - need to sell your current home. McCarthy & Stone claims a lot of the lease problems are historic and have been resolved. Our ground rents are fair, says McCarthy and Stone (even though they go up to £600 and are for no service whatsoever). That said, if a homeowner develops dementia, there’s a lot we can do to support them. Telephone: 020 7978 2607 info@arma.org.uk View on Google Maps [2013] UKFTT 727 (TC) TC03104. 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. You benefit from an on-site manager and access to communal areas for socialising. 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. We’ll even contribute £1,000 towards your solicitor’s fees*. 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. RPI has been in the range c.1-4% since 2013 and was 3.3% in March 2018. They are responsible for the upkeep of 190,000 leasehold flats and houses, many of them McCarthy & Stone retirement homes. Every year the service charge is agreed in consultation with residents in our managed schemes through an open-book budgeting process. 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. 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. 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. The lease will state that you’re not permitted to occupy an apartment under the age limit set. 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. Talk to your sales consultant about the process or call: 0800 201 4811. But she sold it herself for £50,000 more after only two weeks on the market. You aren’t allowed to smoke in a rented apartment. There is no obligation for you to accept. Our ground rents are typically between c.£400-£500 per year depending on the level of service, number of bedrooms and location. A flexible, affordable alternative to outright purchase, with all the benefits of ownership. Frequently asked questionsWe’ve put together a list of answers to your most common questions about our retirement properties. 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. Our Sales Consultants ensure that customers have a detailed knowledge of ongoing costs before a sale is completed. Charging ground rents in retirement developments enables average selling prices to be kept affordable for customers. 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. A transfer fee, which is also known as an exit or event fee, was a charge paid directly to the freeholder of the development when an apartment was sold or rented out. Some of our sites have a laundry facility, although this varies. We will collect the ground rent and service charges. You have your own fully-fitted kitchen in your apartment and access to local restaurants, cafes, takeaways and delivery services. The company takes issue with Campaign against retirement leasehold exploitation’s view that there has been “almost NO demand” and that “schemes have not been sold”. A small additional charge will be added to guest meals. 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. Benefits include:It’s an affordable approach to owning a stunning new retirement home. Yes, provided you obtain the landlord’s permission and use properly qualified and insured contractors. ... McCarthy & Stone falls into the red as COVID-19 nearly halves sales. Other than the walk-in wardrobe, the apartments are unfurnished ready for your own furniture. No. The terms of the lease fix the rights of the landlord and leaseholder in respect of the property and cannot usually be changed without the agreement of all parties or an application to a tribunal or court for a variation. The team has a unique understanding of retirement living, enabling us to communicate all the benefits clearly. If the development was built by us before September 2008 but third parties own the freehold, we are unable to control the transfer/exit fee, but the owners will be fully aware of this. 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 Each development has their own lease requirements, so it is always best to check, but usually to have sole occupancy of a Retirement Living PLUS apartment you need to be aged 70 or over. number: 08999652) is a company limited by guarantee that is a registered 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. Call on: 0800 201 4811. Yes. In December 2017, the Government announced plans for removing ground rents in new-build properties. The sessions start from as little as 15 minutes per day and can be increased and decreased as required. If we do not hear from you, we will assume that you agree that it is accurate. Our ground rents are comparable with those charged by other providers of retirement living accommodation and are competitive within the housebuilding industry. Homeowners only pay for the care they need when they need it. 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 sale of the freehold ownership to a property investment company will not change any of the rights and obligations included in the apartment leases. You may of course decorate your apartment how you like once you have purchased it. Yes. The council tax band varies per development. Category: FirstPort, News, PressTag: McCarthy and Stone, Peverel. 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