www.betterretirementhousing.com/shared-equity-your-housing-group-retirement-flat-that-sold-for-38000-on-itv-tonight/
Shared equity Your Housing Group retirement flat that sold for £38,000 on ITV tonight.
A family who bought a shared equity retirement flat and lost £50,000 on its re-sale will feature on ITV tonight
Cath White’s mother bought 75% of the property at Your Housing Group’s Heyeswood Retirement Village, in Haydock, Merseyside in August 2015.
It sold three years later– after three years on the market – for £70,000, but additional fees amounted to more than £50,000.
They broke down as follows:
Service charges: £23,370.57
Sinking fund contribution: £5855.07
0.75% Administration Cost: £525
1% Reassignment fees: £700
Legal admin fees: £420
These leave the total proceeds of the sale at £39,129.26p.
These leave the total proceeds of the sale at £39,129.26p.
No subletting is allowed at the 92-flat Heyeswood Retirement Village by the Your Housing Group, a housing association, so the family has had to pay out the £6,600 a year service charges on an empty flat.
ITV is carrying its report a week after the Elderly Accommodation Counsel, a charity, produced a complex and date restricted analysis of recent retirement re-sales – and found property prices rose.
The Leasehold Knowledge Partnership / Better Retirement Housing deprecate this report, which includes unverifiable supposed “discount” data provided by retirement house builders. It urged non-publication on the grounds that the EAC was acting as a lobbyist for the house builders.
There is abundant evidence on the Land Registry of the appalling re-sale figures achieved when retirement properties are re-sold.
Better Retirement Housing has reported these at length.