Quick house sale options?

[DrUptonsGardenGnome]

FIL has died and MIL is keen to move into a retirement complex close to us. To do this she needs to sell their house. It’s already been on the market for a couple of years, in which time it’s had one offer which then fell through.

The flats in this complex don’t come up all that often but there are a few for sale at the moment. So time is of the essence. In terms of options, this is what I have:

Continue with the open market but reduce the price (FIL was very stubborn about the price but I think MIL is more flexible. It’s just a question of how low she’d have to go.).

Sell to a house buying company (probably for 80-85% of the market value but it would be quick).

Purchase the retirement flat with a Retirement Interest Only mortgage and pay it off as soon as the house sells.

I need to speak to the EA and MIL about option 1 but does anyone have any experience of the other two options? Also if there are others I’ve missed I’d be keen to learn about alternatives.

Thanks for the advice re auctions. I’m looking into that now.

Op, please get the paperwork checked thoroughly on the retirement property for rising service charges. It was on the breakfast news this morning about exorbitant rising service charges and how they are practically unsaleable.

I agree

Be cafeful selling freehold

Moving to a leasehold
Check charges for
Communal untilities like electric
Communal charges for window cleaning, gardens, other shared areas
Leasehold insurance
Ground rent
Roof repair
Fire inspection
Extra charge if you sublet
Extra charge for visitors
All these may increase each year

Has she considered renting the retirement flat- rent paid from investing the money from the sale when it comes. There may be some available to rent or you may find teh seller would consider it if they have been on the market a while.

@7in1Pond that is a really interesting suggestion. The only ones you can “officially” rent near us are the MacCarthy Stone type. The one she’s looking at is more of an almshouse set up. I will inquire with the EA!

Please do this and do NOT buy a retirement flat unless its absolutely bargain basement price and dont buy brand new. Brand new will be a premimum price and when your parent passes it needs to be sold. At the same time the Service Charge will be payable and this could go on for years and stubborn relatives stick to the price they want for the flat. My late parents flat Service Charge was £1k PER MONTH!

She rented though but I was staggered by the number of daft late 80's even early 90's people who were buying retirement flats brand new.

If parent really really wants to buy just look at the second hand ones.

I know your FIL has passed but has it occured to you that FIL didnt want to move hence his view that he would only sell for the price HE wanted!

That and older people claiming Stamp Duty stops them moving. If there was no SD for older buyers trying to downsize I bet another excuse would come up as to why they cannot move (with often their adult children running themselves ragged to prop them up whilst the elderly claims they are living independently).

I wish SD would be removed for older people downsizing - maybe over 70's only.

I saw that BBC clip earlier too. The women wanting to move into a retirement flat at late 50's because they couldnt sell their late parents flat was daft. These flats are for over 60's or over 70. Why do people think that cannot possible include them because (insert very good reason!).

Some complexes do let you live there if you are over 55 though.

FIL definitely wanted to move. He was always getting in brochures for retirement complexes, scouring Rightmove and going to open homes. But he had some odd ideas about the value of property. Pre-Covid and before the rise of remote working, they once bought a dinky flat on the edge of a forest, miles from anywhere and any amenities as a rental. FIL thought people would flock to live there because of the view. Eventually they managed to sell it but I don’t think they ever made any money from it as a rental. They actually ended up living there themselves for a while to avoid CGT.

The reason I am saying that he didnt want to move is I work with someone whose father is 'saying' he wants to move, gets all the brochures as you say, wastes everyone's time actually looking at potential properties but every time there is something wrong with the new place.

He also wants significantly more than the EA has suggested so it just stops dead

I’m currently with my mum and thinking about this. The cost to rent a retirement flat is huge but her pension would cover it, just, so I’m thinking that could be an option. The key benefit being it’s not then left to me to cover the service changes and try to sell it. And she could move quickly. If anyone has experience of this please let me know. Mum is 82 and ok to live on her own (just - she is starting with some cognitive decline)

My DM rents one. She has a good pension so is still comfortable. It was her choice to rent. One of the flats in her complex has been for sale for almost 2 years so it does seem like a sensible option.

Is the flat that you’re looking at for your DM a Care Plus facility? Just asking because there is often a de line in cognition if you move someone with Dementia so even if she doesn’t need Carers now, she may need them after the move

To everyone considering renting retirement properties I can 100% recommend this organization. My parents (who I mentioned up thread owned a retirement flat for 5 years) moved from their owned retirement flat to renting a 2 bed flat in one of the Housing 21 developments for 5 years as dad’s health declined and my mum’s early dementia progressed.

The facility had onsite managers, residents’ lounges, a cafe, hairdressers, a church, onsite carers if needed (it was an extra care facility) good central location, purpose built and pretty reasonable rent for all that. The managers and residents operated a social committee and it was a real community. I only have experience of one but it was such a fabulous place to be older and in need of a supportive environment.
https://www.housing21.org.uk/

This is so helpful thank you! I’ll look into this as sounds perfect.