September 26, 2016

Latest news

Carlex is ‘slanted’ over retirement resale prices. The picture is more positive, says McCarthy and Stone

Statement from McCarthy & Stone The majority of properties managed by McCarthy & Stone have increased in value when resold (based on data relating to managed properties resold in 2016 to-date) and historical data suggests around a third of all our properties outperform their local market.  In addition, our newer properties are better-placed to retain […]

Healey Court wins right to manage on second attempt

By Les Thumwood After eight months, Healey Court, a retirement development of 67 apartments in Warwick, has extricated itself from the grips of FirstPort and opted for right to manage. With the backing of the vast majority of the residents, it has achieved right to manage with the help of Walton and Allan, of Nottingham, […]

The Times: ‘Exit fees and poor resale values: the uncomfortable truth about retirement homes’

The Times today (September 10 2016) reports the research by Carlex into re-sale values recorded on the Land Registry for retirement properties. The article, headed “Exit fees and poor resale values: the uncomfortable truth about retirement homes”, quotes Carlex / LKP patron Sir Peter Bottomley, who earlier this week established the All Party Parliamentary Group […]

Woman, 81, ‘sells retirement bungalow after being threatened with police by Healthcare Homes’

A woman in her eighties who was threatened with the police by Healthcare Homes was so upset by the incident that she has sold her retirement bungalow and moved out. Heather Moore, who is now 82, was a resident at Healthcare Homes’s Oaklands site, in Reydon, near Southwold in Suffolk. Mrs Moore believes that she […]

Abysmal retirement housing values revealed on the Land Registry

Carlex examines official re-sale prices for McCarthy and Stone, Churchill Retirement Living, Audley Retirement, Retirement Villages, Retirement Security, Anchor and Pegasus A dismal picture of retirement housing values on re-sales is revealed by Carlex from figures in the Land Registry. For years we have been saying that retirement property can be a most dubious residential […]

Welcome to Spire View, our commonhold retirement paradise

– 16 commonhold properties in Pickering, North Yorkshire, originally for over-55s – Built by New Zealand architect, who did not exploit the monetising possibilities of English leasehold law – Swimming pool, guest suite, communal gardens, orangerie, underfloor heating, communal boiler – Three still for sale. £2,000pa service charge   Spire View in the attractive market town […]

Methodist Housing Association flat falls 40% on re-sale, says BBC Radio 4’s You and Yours

… So about average for our dismal retirement housing market BBC Radio 4’s You and Yours programme featured retirement housing this afternoon in an item on the Methodist Housing Association. It can be heard here at 08:09. Penelope Garnham’s mother, who died in February 2012 aged 96, paid £125,000 in 2007 for a flat in Rowanberries […]

Freemont Property Managers in show-down over RTM at Grace Darling House

Next Wednesday former chief executive of Peverel Retirement Keith Edgar will try to persuade residents at Grace Darling House in Poole to appoint his new company Freemont Property Managers to take the site right to manage. A minority of residents are deeply concerned at the proposal, with many feeling that they would be better off […]

Ex-Peverel employee thwarted over right to manage for Tatton Court and Willow Court

UPDATE August 12 Yesterday evening Susan Earnshaw returned Carlex’s phone call and we discussed the issues of Tatton Court and Willow Court and the services provided by her company. We publish her full response below, but make a number of points: 1/ We tried but were unable to contact Mrs Earnshaw prior to publication of […]

More Latest News ...

News archive

To stop being pushed around, go for right to manage or buy the freehold, says Mail on Sunday

The Mail on Sunday personal finance section went over the issue of leaseholders exercising right to manage and buying the freehold yesterday. The article can be read here It referenced the LEASE survey that found that 57 per cent of leaseholders regretted buying their property. This is a figure quite unprecedented in other jurisdictions where […]

Downy Court seeks sale of house manager’s flat as residents vote on live-out service

Residents at Downy Court in Poole are voting to end their live-in house manager service at the end of the month as a way of cutting service charges.

The flat is one of hundreds owned by FirstPort that was granted a lease in 2009, when Vincent Tchenguiz, who owns the freehold, also owned Peverel, which became FirstPort last year.

The residents have already received £6,200 in LED lighting and FirstPort will put £5,000 into the contingency fund.

A two-bedroom flat at Downy Court is offered for sale at £118,000, so if the residents vote to end the in-house manager’s service they will also be making an extremely generous gift to FirstPort.

Warner Court, in Berkshire, breaks free of Tchenguiz and FirstPort with right to manage

Another day, another retirement site – Warner Court – decides to break free of the Vincent Tchenguiz organisation and FirstPort to appoint its own management through right to manage. The RTM at Warner Court, in Sandhurst, Berkshire, takes over on September 15, which means another retirement site will almost certainly slip from FirstPort’s grasp. The […]

Brexit hits retirement housing sales

Just about every marketing department in the country has come up with Brexit “research” to grab headlines, and FirstPort’s Retirement Homesearch estate agency has joined in. It says that in the second quarter of 2016, new buyer registrations for retirement properties slipped by more than 20% from the first quarter to 4,744. This figure is […]

Leasehold sales are bedevilled by ‘extortionate’ charges and game-playing, says the Conveyancing Association

… Conveyancing Association calls for enforcement of reasonable fees, and it wants Land Registry to register ‘lease administrators’ who handle sales … It claims there is ‘an imbalance of bargaining power between the lease administrator and the leaseholder’ … 34 per cent of estate agents say leasehold sales are a ‘nightmare’ … LKP tells the […]

Leasehold is a feudal, wasting asset with opportunities for exploitation, says the Financial Times in a devastating article

Leasehold properties make up 43 per cent of all new-build registrations with the Land Registry for England and Wales, and 3,000 of those were for leasehold houses. That is one of the findings in the Financial Times’s three-page cover story in its FTMoney section, published this weekend. The article, written by personal finance veteran Lindsay […]

Man the lifeboats! Grace Darling House votes for Freemont

Carlex has received a report that Freemont Property Managers have been appointed to take Grace Darling House to right to manage. It will then manage the site, we are informed. The site is at present run by Stonewater housing association. Freemont Property Managers is run by former senior executives of Peverel. In December 2013, the […]

No porkies at Sandbanks, but is ending the in-house manager going to save money?

UPDATED August 1 2016. 20:17 Residents at Sandbanks at Hoylake, in the Wirral, are pondering the issue of whether to continue to have an in-house manager. It is a later McCarthy and Stone retirement site, completed in 2008 and one of the last freeholds to be sold off to Vincent Tchenguiz’s interests, in this case, Fairhold […]

Warner Court sky-high sublet costs when a relative goes into care

This is a recent inquiry to Carlex from Warner Court, in Sandhurst, Berkshire: “My mother-in-law owns a flat and may have to go into a care home. “We were considering renting out the property but have been told by E & M [the Tchenguiz interests based in the British Virgin islands], that in addition to […]

Kyle Court in Scotland: FirstPort just won’t spend our money

This is the sort of dilemma leasehold owners in retirement sites in England and Wales can only dream about. Residents at Kyle Court in Ayr, a McCarthy and Stone site built in 1992 and managed (inevitably) by FirstPort, want to spend around £8,000 in the contingency fund on painting balconies and the outside walls. But […]

Ex-Labour minister Sally Keeble to keep property managers honest

@LKPleasehold @ARMAleasehold @FoPRA @LEASEonline – looking forward to working to improve standards for leaseholders & practice in the sector — Sally Keeble (@Sally_Keeble) July 29, 2016 Former New Labour minister Sally Keeble is to be the new ARMA regulator, after former housing minister Rt Hon Keith Hill, also a minister in the Blair governments, quits […]

Full news archive ...