March 26, 2017

BBC One Show warnings over retirement housing’s ‘sting in the tail’

The BBC One Show on prime time telly featured retirement housing earlier this week (November 22). It can be viewed here at 2.09 minutes The presenters warned that retirement housing can come with a “financial sting in the tail that can hit families at the worst possible time”. Sebastian O’Kelly, of Carlex / LKP, which […]

Another day, another set of fees in a retirement flat sale …

Dear Sir/Madam, I am writing to make you aware of the exorbitant transfer fees, contingency fee & charges for information packs that we were charged by E&M Estates Management Ltd when I sold my parents flat last week. The flat in question was built by Mcarthy & Stone in Deal, Kent, managed by Peverel & […]

Family hit with £9,341 contingency fee charge on Anchor’s Cherry Trees flat …

… that’s on top of a £26,950 fall in value after 11 years of ownership A family whose parents owned a one bedroom flat at Anchor’s 59-unit Cherry Trees site in Redcar, Cleveland, have been hit with a double whammy common in retirement leasehold. First, the flat for over-55s was bought for £79,950 in 2004 […]

Law Commission: Don’t ignore £318 ‘information packs’ that leaseholders have to pay

As well as exit fees, monopolising estate agency with exorbitant charges, sellers of retirement property also have to pay for ‘information packs’ to the property manager and the freeholder. Here, Alan Eadie, a long-standing supporter of Carlex who is a leaseholder at Homepine House in Folkestone, tells the Law Commission to include these information packs […]

Exit fees and retirement estate agency: You now have 29 days to act

In the second of our articles on the Law Commissions work on exit/transfer fees, we turn to their survey of some of retirement company web sites. Again the picture is very mixed in terms of how clear each company is in providing information about the fees that leaseholders face. As well as “exit” fees the […]

Exit fees: You have less than 30 days to provide your input

Carlex has published a number of articles about the Law Commission’s work on “exit”/transfer fees, and which sort of charges should be allowed going forward. The end of the public consultation is January 29. One of the problems faced by the project is that while those working in the retirement sector have constantly provided very […]

Important AgeUK event – exit fees

On 19th November AgeUK is holding an event for “older leaseholders” on exit/transfer fees as part of the Law Commissions review of these type of charges. The Law Commission project is just entering the public phase having reached their preliminary findings. The project will end some time next year when they present their formal recommendations […]

Pier Management sends £120 subletting demand to the dead …

… Which did not even need to be paid by the living Leasehold reached a new low with Pier Management demanding a subletting fee from a man who is dead. Nor was a sublet fee payable had Mr A Gaffney, of Dublin, been alive. Pier Management admitted it had not read the lease before demanding […]

Law Commission investigates retirement transfer fees

The Law Commission is reporting its work into the issue of retirement leasehold exit fee here Anyone who has paid these fees, can contact the Law Commission on this email address: transfer_fees@lawcommission.gsi.gov.uk Following a considerable amount of activity by Carlex, the issue of exit and subletting fees was taken up by the Office of Fair […]

My contingency fund fee on sale paid to modify these six-month old gates

The Carlex reader “Fleeced” thinks contingency fund fees paid on sale are a rip-off and Carlex is wrong not to oppose them. She bought and sold a flat after only six months and had to pay out her contingency fund contribution. Worse, it was needed to pay for new underground carpark gates which might reasonably have […]

‘Curtains for exit and sublet fees’ by Law Commission … but not until March 2017

Leasehold exit and sublet fees have been referred to the Law Commission, which will almost certainly be the end of them. This means anyone selling or renting out a retirement or non-retirement flat should keep all documentation with a view to making a claim in two and half years time.

McCarthy and Stone reform sublet fees after discussions with Carlex

Following discussions with Carlex, McCarthy and Stone is dropping the one per cent contingency fund contribution that has to be paid every time a flat is rented out. It is replacing the sublet fees, which are a percentage of either the purchase price or market value of a flat, with a one-off payment of £80 plus […]