The new chief executive of McCarthy and Stone John Tonkiss is delighted the government has caved in over retirement housing ground rents, while announcing strategic changes that were prompted by the prospect of this reform. The company argued strongly in favour of ground rents because it was disadvantaged by having to provide communal areas at […]
By Sebastian OKelly, LKP trustee The controversial issues of ground rents and exit fees in retirement housing were discussed at this week’s meeting of the All Party Parliamentary Group on leasehold and commonhold reform. These were the main event in a meeting which also had an insider’s examination of leasehold insurance commissions, and why developers […]
By Clive Fenton, CEO McCarthy and Stone Mr Fenton was interviewed on this subject on BBC R4 You and Yours yesterday at 37 minutes in: Treatments for depression, Debt collection, Widebeam canal boats, You and Yours – BBC Radio 4 NHS treatments for depression and the bailiffs demanding payment of someone else’s debt. Hello, my […]
And grounds cannot be set to zero but maintained in the retirement sector By Joe Oldman, AgeUK Age UK strongly supports extending the range of housing options available for older people – so we want to see a significant expansion in good quality retirement schemes and villages. We also recognise and appreciate the efforts of […]
Brilliant interview with outgoing McCarthy and Stone CEO Clive Fenton ‘Problem’ that retirement housebuilders have not been spoonfed profits, like others through Help To Buy Anyway, aren’t retirement housebuilders insignificant given the numbers of pensioners who are downsizing today, asks BBC? Radio 4’s MoneyBox quizzed retirement housebuilders McCarthy and Stone and Churchill Retirement Living on […]
Is the ground rent ban responsible? Sebastian O’Kelly I guess when you stand down as boss of a publicly quoted retirement housing company that has seen profits fall from £110 million to £65-£80 the headline-writing punsters are not going to miss a trick. So, Clive Fenton, 60, McCarthy and Stone’s CEO, is being “pensioned off” […]
The anti-ground rent trade body ARCO has been snubbed and left uninvited by retirement housing insiders at a City law firm conference next Wednesday to discuss whether a Retirement Housing Act is needed. The Association of Retirement Community Operators, whose members build and manage their retirement housing and care sites for the long term, has […]
The Advertising Standards Authority has again rejected leaseholders’ complaints that leasehold properties should not be marketed as “homeownership”. The complaint was raised separately by veteran leasehold activists Susan Wood and Michael Hollands. Both received replies from “a complaints executive” at the ASA on May 17. Both complaints concerned adverts by McCarthy and Stone, and both […]
Senior Tory MP Sir Desmond Swaine has pleaded with the Communities Secretary to consider exempting volume retirement housebuilders from the ban on new ground rents. The MP for New Forest West – coincidentally not far from McCarthy and Stone’s Trump-style HQ in Bournemouth – asked in the Tuesday housing debate: “On new build leaseholds, is […]
The trade body the Association of Retirement Community Operators announced yesterday that ground rents are “not essential” in retirement housing and it backs the government in ending them. The announcement directly contradicts McCarthy and Stone and Churchill. Both have argued that they need ground rents for the viability of retirement housing projects and without them […]
BetterRetirementHousing.com reports the dismal state of retirement housing resales today, which has been taken up by BBC R4 MoneyBox. In addition, the Elderly Accommodation Counsel, which provides a database of retirement sites around the country, claims half retirement housing sells at a loss on resale. The issue was prompted by the dismal resale figures at […]
BetterRetirementHousing.com has found that McCarthy and Stone is selling retirement freeholds to Adriatic Land, whose beneficial owners remain hidden. Adriatic Land freehold owning companies, which are managed by Will Astor’s Long Harbour fund, have nominee directors from the Sanne Group, based in Jersey. Pensioners in retirement sites – and any other leaseholder for that matter […]
DCLG Consultation Paper On Leasehold And Ground Rents – Statement – McCarthy & Stone See our response to the DCLG consultation paper on Leasehold and Ground Rents It is a fair bet that McCarthy and Stone will be making a strong submission to the DCLG into the leasehold houses and ground rent scandals firmly urging […]
Both the FT and the Sunday Times are suggesting that the hedge-funders who took on the debt at McCarthy and Stone could be in for a killing if it floats next year for £500 million. Both papers report that says hedge fund owners pumped £367 million of equity and a five-year loan to slash borrowings.
Last Friday, Peverel was expelled from the House Builders’ Federation campaign to reinvigorate the retirement housing market. Its logo was removed from the campaign’s website, while earlier in the week the homeless charity Shelter also decided to jettison the campaign. AgeUK – which last year removed its logos from the Peverel Retirement site – had […]
LKP met shadow housing minister Emma Reynolds yesterday to discuss problems in the leasehold sector. The meeting was organised by Jim Fitzpatrick, the Labour MP for Poplar and Limehouse, who has some of the richest and poorest leaseholders in the country in his constituency. He has become a firm stalwart in fighting for leaseholders.