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SarahBell

Retirement Flat Fees Moan On R4

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Feel free to expand so the younger members (like myself) have some idea what this is about :)

It'll be on listen again soon. I think it was the first thing on the program - you and yours - I think

basically some company sells retirement flats in "complexes" and some people don't like the £250 transfer fee you have to pay when you buy it AND there's also a 2-3% fee when they help you sell it. (They act as estate agents)

The company they had on said it's all in their membership book which every one gets every year.

Some companies similar have been investigated by OFT but no conclusion has (yet) been drawn after some considerably time.

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It'll be on listen again soon. I think it was the first thing on the program - you and yours - I think

basically some company sells retirement flats in "complexes" and some people don't like the £250 transfer fee you have to pay when you buy it AND there's also a 2-3% fee when they help you sell it. (They act as estate agents)

The company they had on said it's all in their membership book which every one gets every year.

Some companies similar have been investigated by OFT but no conclusion has (yet) been drawn after some considerably time.

Ah I know what you mean now. The transfer fees also apply to normal leaseholders when they sell a flat so everyone is being stitched there. The 2-3% fee is steep, I guess there is a clause that says all properties have to be resold via themselves.

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The company they had on said it's all in their membership book which every one gets every year.

The representative they had from one of the retirement complex groups defending the charges was reasonable. He said the charges were also set out in all the paperwork leading up to and into purchase, and for buyer's solicitor to buyer aware, rather than complain later. The presenter tried to skip over it and make it sound unfair.

He also suggested the fees were part of how they subsidise people who live there. That in exchange the residents get a few things in terms of care and help they wouldn't otherwise receive, and they are classed as service providers or something. Instead there were people on complaining about £4,000 fees, the 2-3% fee to the group, upon selling dead gran's flat.

Also it sounded like similar retirement places were about to get together and bring a legal challenge against the OFT or a similar consumer group, to get the fee set out as fair. They said the lengthy investigation whether it was fair or not and the doubt it created was damaging their business.

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Ah I know what you mean now. The transfer fees also apply to normal leaseholders when they sell a flat so everyone is being stitched there. The 2-3% fee is steep, I guess there is a clause that says all properties have to be resold via themselves.

I assume so.

It's sort of sheltered housing with an online person which the bloke seemed to explain was paid for from the transfer fees.... You'd have to have quite high turnover wouldn't you?

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Ah I know what you mean now. The transfer fees also apply to normal leaseholders when they sell a flat so everyone is being stitched there. The 2-3% fee is steep, I guess there is a clause that says all properties have to be resold via themselves.

Don't buy one then. Problem sorted.

This might be more unfair with fees upto 10% but they got themselves into it.

http://www.dailymail.co.uk/property/article-1361464/Now-squeezed-pensioners-value-flats-plummet.html

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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