Do keep the NDs coming to kelvin@the-sun.co.uk. A common issue with retirement homes has been that they're tricky to sell, and often, the price you'll get back can be lower than the price paid. We will do everything we can to support our residents. One of the reasons for the loss is the incredibly high ground rents. WebI have been trying to sell my deceased aunties 1 bedroom McCarthy and Stone retirement apartment for nearly a year now, I've had 1 viewing and 0 offers, the price has been When you think that the cost of providing the communal space in our developments is between 1 and 2 million this is part of the receipt that helps us fund that.. 2009-05-15 230,950, 21, St. Richards Lodge As McCarthy & Stones developments are typically built to at least lifetime homes standards, very few homeowners will need to move out, and care can be easily delivered, either by our on-site teams in Retirement Living Plus, or by independent carers. In the event that we are included in that ban we cannot pass that cost on to our customers. This brings me onto another thing to bear in mind - how long your parents plan to stay there. In 2012 it was on the market for 13.75million but did not sell. But since inheriting it four years ago, Cross has been unable to find a buyer, and is considering selling it to a buy it now company for just 28,000. The 15,000 . Cross is not alone in finding that retirement flats can be a poor investment. It has to be acknowledged that the purpose of taking management in house has largely been vindicated. Smith, who has been furloughed and is concerned about the future of her job, says she cannot afford to pay the service charges that have landed on her doorstep. Ground rents are either for a service or they are not, and if not which they arent then they should go., What would be effect on the retirement housing market of a ground rent ban, asked Mr Bonsignore, The interesting new companies that are coming into this sector dont believe in this model. Trump Allies Are Threatening to Sue She says two auction houses have told her that they are not taking on retirement properties. 2011-10-27 187,950, 33, St. Richards Lodge Reflecting the importance to the GOP agenda, the parents' bill of rights is the first bill that McCarthy has formally announced as speaker. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Kelvin MacKenzie's suspicions about McCarthy & Stone property values were confirmed by Sun readers, 34,577 has been given to develop creative collaborations with Peru, Funeral for hero PC Keith Palmer is happening at Southwark Cathedral, Marine Sergeant Alexander Blackman has been convicted of murdering an insurgent during combat, His wife Claire Blackman has been ever-present fighting for her husband, Supporters of Marine Sergeant Alexander Blackman rejoiced after the conviction was quashed in March, Manor house in Weybridge, Surrey where John Lennon lived in 60s, John Lennon wrote two Beatle's tracks whileliving at the property, House has been on the market for five years and never sold, In 2012 the property was on the market for 13.75million, It has now significantly dropped in value despite the illustrious previous owner, I urge readers to attend the funeral of Westminster attack hero PC Keith Palmer, Independent Press Standards Organisation (IPSO). Cross blames what he describes as the punitive service charge on the one-bed flat. They are really lovely, immaculate flats, with a lovely communal lounge, said one Folkestone estate agent contacted by Guardian Money. This site uses cookies. Mr Fenton said: We dont think it is a broken model. The sales rep offered him an early bird discount, knocking 3,000 off the cost of a one-bed flat, selling it to him for 161,950 in 2007. Conditions will apply, and we ask any customers to discuss this with us. ( Ben Sellers, Headline USA) A viral tweet from John Cardillo, a former NYPD officer turned conservative radio host and social-media influencer called for an investigation into whether Sen. John Fetterman, D-Pa., may be clinically brain dead as Democrats engage in a cover-up to avoid a special election before August. WebMcCarthyism, name given to the period of time in American history that saw U.S. Sen. Joseph McCarthy of Wisconsin produce a series of investigations and hearings during the 1950s in an effort to expose supposed communist WebMcCarthy & Stone was undoubtedly trashed by the Peverel/Firstport connection. Laurel Court flats attract praise but some have proved hard to sell. We are developers not investors. Any potential new buyers would have been appalled at the way the sales team coaxes new clients into a disadvantageous part-exchange sales process of their existing home. 2012-05-04 90,000 If M&as cannot charge their 600 annual ground rent then there is a prospect of the business being sold off to someone like Tchenquiz or managed by a company like Peverel. Our customers tell us that the quality of life and the sense of community and companionship that comes from living in a communal, managed development has enhanced their lives greatly.. Mr Fenton replied: We have been tracking the value of our properties sold over the last five years that we manage ourselves which we have been doing since 2010. The bill certainly does and explains why our foreign aid budget jumped by 1.2billion last year to 13.3billion as we are committed to spend 0.7 per cent of our national income overseas every year. Like most retirement developments, it only permits couples aged over 55 or single people aged over 60. 2008-11-20 223,950, 44, St Richards Lodge The vast majority of our managed properties increase in value on resale. How much tax would you have to pay on a home or buy-to-let? Rolling Stone: McCarthy Gave Tucker the Jan. 6 Tapes. charity (number: 1162584) with the Charities Commission.LKP website is hosted at www.34sp.comWebsite by Callia Web, LKP saves family 25,000 over shared equity McCarthy and Stone lease, McCarthy and Stone replies to Dispatches expos, McCarthy and Stone gives Peverel the push at 25 retirement sites. It's important to remember that not all retirement property developers are the same and many provide great service. IT may be too late by the time you read my column but could I urge readers to attend the funeral of Westminster attack hero PC Keith Palmer at 2pm at Southwark Cathedral today. hen Tony Crosss father was the first buyer at a McCarthy & Stone retirement development in Folkestone, Kent, he thought he was getting a bargain. Mr Fenton replied: There have only ever been 161,000 retirement homes ever produced for sale , Mr Lewis said: So it is a broken model, isnt it? As it stands, firms are still allowed to sell new properties on a leasehold basis and charge a ground rent. Whereas they could have enhanced their reputation, by not acting properly and fairly, their reputation has taken an almighty plunge. By Joey Gardiner2021-01-29T00:57:00+00:00, US private equity firms 647m buyout will now take effect after yesterdays court order. When Guardian Money checked this week, there were 18 listings on Rightmove of flats in Laurel Court, many with reduced stickers. 2012-02-15 269,950, 37, St. Richards Lodge Most other house builders dont do this. We believe Adriatic Land to have significant private equity involvement, and it doubtless owns other McCarthy and Stone freeholds. Nothing at all, she said. Speaker of the House Kevin McCarthy, R-Calif., said the government must stay out of children's education, which he called the "great equalizer," at a press conference to reintroduce the "Parents Bill of Rights Act." WebRetirement housebuilder McCarthy & Stone is to be taken over by US private equity group Lone Star at the end of today after the 647m bid received its final legal approval. Whats more, mainstream mortgage firms wont lend against these types of retirement properties. Norman Greed, 82, showed that pensioners can organise a successful right to manage and slash the burden of their service charges. Mr Fenton replied: Well, we think there is something like 4.5 million in the UK who would consider downsizing . Mr Fenton admitted that the company sold on the freeholds. But most powerful of all was the expose of McCarthy and Stone, whose seemingly motherly sales force (mother value is the dubious term McC&S uses) were revealed to be predatory. He says he cant be the only person in a situation to have inherited a retirement flat and not left it empty out of choice but because they cant find a buyer. 2014-10-09 165,000 Leases were created and borrowed against in circumstances that have yet to be explained. Are investors underestimating the impact of rate rises? The government said this month that it was banning the use of ground rent charges on most housing sales, which retirement housebuilders such as McCarthy & Stone rely on to recoup the high management charges of running schemes with a lot of communal space. Older people have become reluctant to buy retirement flats during the Covid pandemic. We have put the account on hold for three months and we have offered to waive all fees and charges that have been incurred so far on the basis that Ms Smith actively reviews the options we have presented to her again., Original reporting and incisive analysis, direct from the Guardian every morning. FirstPort says that service charges are kept in separate accounts for each development and used for maintenance, insurance and any staff who work there, and missed payments can cause shortfalls. How to overhaul your portfolio and make your money work harder, House prices are falling: Downturn steps up a gear as property values dip 1.1% in first annual decline since June 2020 - and the largest in 12 years. 2017-07-19 149,950 2017-02-20 275,000, 30, St. Richards Lodge I think they would be up for it. First Mum died and then Dads health deteriorated to the point he had go into a home. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. I digress. 1. They say that their business model does not work if ground rents are taken out. Figures prepared for the BBC in 2017 by the Elderly Accommodation Counsel, a charity, found that about half of new-build retirement homes sold during a 10-year period were later resold at a loss. It is a sheer fact. 2011-11-30 189,950, Category: Ground rent scandal, HomeSlider, Latest News, McCarthy and Stone, News, PressTag: BBC R4 MoneyBox, Churchill Retirement Living, McCarthy and Stone. If you make us bear this cost we will build less retirement housing?, Mr Fenton replied: It is honestly not blackmail. WebMcCarthy & Stone was founded by John McCarthy and Bill Stone in 1963. Last year the charge was 562 every month equal to 6,744 a year, although this year it dropped back to 519 a month. Trending: The Chain Reaction Has Begun Humanity Is Winning! 2015-04-29 214,450, 39, St. Richards Lodge Kimmel Riffs on Rolling Stone Report That Trump Tried to Censor Him: 'President Karen Demanded to Speak to My Manager' McCarthy Gave Tucker the Jan. 6 Tapes. The real issue McCarthy & Stone will face if ground rent charges a presently constituted is outlawed they lose a substantial income stream that not only serves to support their business model, but Crucially it serves to disguise the true cost implications of the McCarthy & Stone lifestyle experience 2011-11-22 187,950, 12, St. Richards Lodge In December 2016 I strongly advised Taylor Wimpey to properly sort out their Ground Rent problem. Many congratulations to all who participated in the programme, and to the programme makers. 2011-07-29 196,000, 16, St. Richards Lodge 2012-05-31 212,000, 20, St. Richards Lodge The most recent sale there was for 80,000, a 15,000 fall from the price it sold for 11 years earlier. Again it hasnt sold and has now been withdrawn. Dating back to as early as January, there have been rumors of an affair between McCarthy & Stones chief executive, Clive Fenton, See Prince Philip's Land Rover that sold for record amount, Dacia's new Jogger estate transforms interior space into a bedroom, TikToker reveals Asda to leave your vehicle smelling 'lovely'. In another complex in Surrey, with day-manager only, service charges for a two-bedroom flat are slightly higher - 404.76. If you have to live in one, then rent instead. I have no idea how I will do this I can only hope the apartment sells soon, so I can escape this, she says. We clearly explain our charges to customers and share budgets with them before the final bill is agreed so that we are completely transparent and there are no surprise costs., We know our customers have the peace of mind that day-to-day home maintenance tasks are taken care of, like mowing the lawn, as well as the bigger jobs, like refurbishing the lifts. When Cross first inherited the flat in 2015, the estate agents put it on the market for 143,000. How could a relatively newly-built apartment in good condition, with more than 100 years remaining on the lease, collapse in value so spectacularly? Initially Cross says the service charge was high but not outlandish. View our online Press Pack. Also, the people that want to normally buy them are reluctant to move house and, of course, there have been travel restrictions, which have made it difficult for relatives of prospective buyers to travel to view.. The sales rep offered him an early bird discount, knocking 3,000 off the cost of a one-bed flat, selling it to him for 161,950 in 2007. WebFull praise for Mcarthy Stone and everyone at Deans Park Court in Stafford! With heavy rain forecast, here's what you need to know, Could UK smaller companies offer opportunities for income-seeking investors? Mr Lewis pointed out that MoneyBox research last year showed that the average McCarthy and Stone flat sold for 17% less when it was sold second hand. You can see it already in our numbers. And a burger van on the Wendover bypass, Bucks Carsburger, probably the best burgers in the world. However, they cant be paused indefinitely because any shortfall in service charges affects all the other retired people who live at the development. of these areas are covered as you say, by the residents, its a win win situation for Management. We do not have to speculate. Kings Place Sarah Davidson, of This is Money, replies:There has been a spate of headlines recently about some retirement property developers' hidden fees and escalating ground rents, so I understand why you may have worries. After all, we dont like them and they dont like us, so lets do this. Retirement Living Plus is more due to the on-site care and support. Do send your saving stories to kelvin@the-sun.co.uk. 2011-11-28 189,950, 23, St. Richards Lodge After announcing that he would not seek the speaker's post on Thursday, he was asked about Wednesday's cryptic letter from Rep. One of the buy-it-now companies has offered me as little as 15,000 for it. We do not write articles to promote products. He said then that he was considering selling the property to a buy-it-now company for only 28,000. Suppose profits fall at McCarthy & Stone and McCarthy & Stone are put under pressure to increase income? Why did he just give one host, on one cable network, this Peverel said in a statement that it accepted the LVT decision, which is very gracious of it. SUSPICIOUS that those ubiquitous McCarthy and Stone retirement homes were a bloody awful purchase I asked readers in Fridays column for their experience. Aldi releases list of 30 sites where it wants to open Do YOU know how much a flooded home costs to repair - and Reckitt Benckiser boosted by baby formula exports as Are you allowing your bank to rip you off? Mr Fenton replied: There is a small premium [above local market prices], but not very much, frankly, in terms of the payment of this. A two-bed flat in the block is currently listed on Rightmove at 45,000, and is the cheapest property for sale in the whole of Folkestone. Mum moved into Deans Park Court in August 2022. 3. In November, McCarthy & Stone, the retirement-home builder, reported that the coronavirus pandemic had led to a sharp fall in the number of properties it had sold to retirees, and that it would make a loss for the year. However, at the end of last year the Government confirmed it is planning to ban leasehold on most new homes and outlaw developers from charging ground rents. The problem is that there has been no government support for our sector compared to the first-time buyer market. WebMcCarthy & Stone was founded by John McCarthy and Bill Stone in 1963. BACK in the Sixties John Lennon paid just 20,000 for a glorious home up the road from me on the private estate of St Georges Hill in snooty Weybridge, Surrey. Letters from FirstPorts solicitors said it would go to court if the service charges were not paid, and suggested that Smith turn to the equity release lender or sell the property at an auction. So we use the ground income to pay for those and it stops us having to put the prices up of our apartments.. If these properties were sold to buyers who needed mortgages in many cases they would be ineligible as the ground rents are higher than 0.1% of the sales price. She still has her mothers funeral to pay for and a 407 council tax bill for the flat. Reverse nominative (names that dont fit the job): English teacher in Bolsover, Derbys Mr French. What a frightening prospect that is. Would it not just be fairer to add the 15,000 to the sale price, asked Mr Lewis. Service levels declined. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. And this is just making it significantly more difficult for us. Our approach is different from some retirement village developers who charge up to 30 per cent of the resale price on exit, which goes to the developer. 2009-11-06 219,950, 27, St. Richards Lodge Ground rent therefore enables the pricing of our apartments to remain competitive. McCarthy & Stone is the biggest builder of retirement flats in Britain, with 1,200 developments across the country, and sales of about 700m a year, but has faced repeated accusations of poor resale values. McCarthy & Stone have taken development management In house. This sometimes happens with ordinary new build homes in the short-term too, but when the property is restricted to being bought by a retired buyer, the number of potential buyers drops. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. Firm closes Oxfordshire business and says completions could drop by more than a third, Housebuilder says house completions could nearly halve to as little as 8,000 at current rates of sale, Housing association increasing build rate despite sharp impact on margin from rising costs, The government has published details of new biodiversity net gain rules coming into force later this year. According to the estate agents, retirement apartments are not selling due to the pandemic, making them unattractive places to live for fear of catching the virus. Our ability to buy land will be reduced [if we are not exempted from the ground rent ban] and that will affect supply. Even allowing for the houses illustrious history the current owners just cant flog the joint. He wrote two Beatles songs in the four years while living there: Ticket To Ride and I Am The Walrus. Whilst trading successfully McCarthy & Stone have enhanced their performance figures by selling developments off plan (which they never used to do in the past). Retirement developments require a service charge to pay for the services delivered within the development for customers. Increases are then linked to inflation, and are compounded yearly, on 15-year rent review terms. Your support will do two things. In response to Liz Wynne 2011-05-27 179,950, 15, St. Richards Lodge Costs for those services rocketed. McCarthy & Stone was founded by John McCarthy and Bill Stone in 1963. He was flanked at the event by dozens of parents and young children. Costs vary per development. The comments below have not been moderated. When a resident passes away, we, of course, put charges on hold until probate is granted. He says he has also been asked for 324 for a sellers pack. How many potential McCarthy & Stone customers would buy into the McCarthy &Stone lifestyle experience if they used the name of one of their owners such as Goldman Sachs? Residents were systemically price fixed. Avoiding disasters. His argument will be torn to shreds. Ground rent applies in England and Wales, but not Scotland, which operates under a different legal system. The only way we have is to reduce the amount we can pay for our land. 2016-06-09 152,500 Cross changed agents seven times. Advising leaseholders. In other words, a retired person could be paying nearly all their state pension in service and ground rent charges. So far, these options have not been pursued. Stay in Touch Tuesday, February 28, 2023 McCarthy Gave Tucker the Jan. 6 Tapes. These are shark infested waters and best avoided. In many cases, our service charges are cheaper than like-for-like costs in a customers current property. The first is a massive V-sign to Muslim fanatics in our country. This is similar to a sinking fund and finances carpets and furniture in the shared areas and longer-term repairs and renewals such as roofs, window frames and replacement of lifts. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. We communicate it to our customers and they know exactly what they are paying.. We take care to explain each option so customers can make an informal decision on what is right for them.. 2011-05-20 169,950, 36, St. Richards Lodge 2016-03-18 149,995 By 1996, the company had cornered 70 pc of the retirement market. Secondly it will support the police, who are our shields in these troubled times. Sign Up for Newsletter. We are manipulated on a daily basis, if I had my way, there would be no lodge manager, whose It was acquired by Lone Star Funds in 2021. WebMcCarthy and Stone and a media firestorm in 1991 Carlex The Dispatches programme on Monday night is not the first time McCarthy and Stone has been in the eye of a storm. In both cases, the four-figure annual service charge on the property was highlighted as a potential problem. 2011-07-06 169,950, 18, St. Richards Lodge Our ground rents are fair, says McCarthy and Stone (even though they go up to 600 and are for no service whatsoever). This increases the number of current sales that can be booked on McCarthy & Stone accounts at the expense of future sales. McCarthy & Stone was undoubtedly trashed by the Peverel/Firstport connection. When Cross does find a buyer, there is a final sting in the tail he will have to give the freeholder a 2% share of the proceeds. they are doing their very best to get the flats off their books as quickly as possible, said solicitor Rachel Stafford. 2.I notice he avoided saying that the continuing repair, maintenance and refurbishment of the communal areas is paid for by the residents out of the Service Charges. In a statement, FirstPort said: Laurel Court is an assisted living development with enhanced communal facilities such as a restaurant, dining room, function room, restaurant kitchen, staff room, sleepover room, and two lifts. 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