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You are here: Home / Latest News / Guardian reports dismal retirement flat re-sale prices, as seller ponders £28,000 offer

Guardian reports dismal retirement flat re-sale prices, as seller ponders £28,000 offer

November 16, 2019 //  by Sebastian O'Kelly

‘My flat was £161,950 in 2007 – now I’m offered just £28,000’

When Tony Cross’s father was the first buyer at a McCarthy & Stone retirement development in Folkestone, Kent, he thought he was getting a bargain. 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.

The Guardian reports the heir to a retirement flat at Laurel Court in Folkestone bought for £161,950 in 2007 is considering an offer of £28,000 from a buying service.

Why do property values fall at Laurel Court, asks Patrick Collinson.

The answer is because the property values of the flats is of no financial concern to either the freeholder, the Tchenguiz Family Trust based in the British Virgin Islands or its former company Peverel / FirstPort which manages the site.

Both will be paid the same whatever the value of the leases: FirstPort in management fees; Tchenguiz gets the ground rents – or rather Rothesay Life does, in a loan arrangement on Tchenguiz’s entire freehold portfolio.

The only people who care about the value of the leases are the leaseholders, who are completely disempowered and irrelevant to the income streams of the site.

Here are the dismal figures from the Land Registry:

Flat 1, Laurel Court, 24 Stanley Road, Folkestone, CT19 4RL
Transaction history
A2010-09-17£222,000
Flat 10
2018-08-10£75,000
2010-04-23£150,788
Flat 11
2019-04-26£105,000
2009-11-27£150,615
Flat 12
2010-06-16£149,950
Flat 14
2011-12-02£111,265
Flat 15
2013-12-16£145,000
2012-12-14£134,950
2008-03-17£188,950
Flat 16
2017-05-26£139,995
2016-07-08£137,500
2012-03-12£139,950
2008-08-08£189,950
Flat 17
2017-02-10£135,000
2013-11-26£149,000
2008-09-10£182,950
Flat 18
2018-03-16£135,000
2009-08-21£175,000
Flat 19
2015-05-29£150,000
Flat 2
2017-12-14£125,000
2011-04-01£164,950
Flat 20
2018-03-23£175,000
2011-07-29£224,950
Flat 21
2017-12-01£90,000
Flat 22
2014-04-11£97,450
Flat 23
2014-10-03£99,950
Flat 25
2007-11-30£161,950
Flat 26
2018-05-16£155,000
2015-01-30£150,000
2012-05-25£122,885
Flat 27
2012-02-24£195,000
Flat 29
2016-03-31£175,000
2010-04-28£175,000
2008-07-25£244,950
Flat 3
2018-03-28£100,000
2012-05-04£150,000
2010-07-23£155,000
Flat 30
2010-08-20£160,000
2008-09-01£238,950
Flat 31
2015-12-16£125,000
2007-11-30£207,778
Flat 32
2011-09-01£191,950
Flat 33
2018-08-01£95,000
2017-08-21£94,000
2015-02-20£162,950
Flat 35
2013-08-28£99,950
Flat 36
2019-07-01£80,000
2009-06-08£154,950
Flat 39
2008-11-28£160,000
Flat 4
2017-12-08£80,000
2008-08-08£167,500
Flat 40
2014-01-13£144,000
2008-08-29£176,950
Flat 42
2014-08-15£179,950
Flat 43
2013-08-02£210,950
Flat 45
2016-05-11£125,000
2013-02-13£144,000
2010-12-17£178,950
Flat 46
2012-11-30£160,000
2009-04-16£244,950
Flat 47
2018-09-14£95,000
Flat 48
2014-12-23£119,000
Flat 49
2014-10-31£145,000
Flat 50
2017-12-08£110,000
Flat 52
2014-07-17£193,950
Flat 53
2011-07-27£195,000
Flat 55
2015-09-08£165,000
2009-10-30£213,950
Flat 56
2010-09-10£228,950
Flat 57
2018-04-27£120,000
2016-03-04£140,000
Flat 59
2014-08-29£165,950
Flat 6
2017-10-11£155,000
2007-11-30£215,950
Flat 60
2016-01-22£128,000
2011-06-24£181,950
Flat 62
2018-01-08£85,000
2012-08-24£161,950
Flat 63
2017-06-07£82,000
Flat 64
2018-05-02£135,000
2015-01-20£150,000
Flat 65
2008-07-25£162,950
Flat 66
2017-08-24£114,000
2014-10-22£172,950
Flat 67
2018-03-22£120,000
2014-08-29£153,950
Flat 68
2014-01-31£182,950
Flat 69
2018-08-29£173,000
2016-12-09£152,500
2011-10-28£199,950
Flat 7
2008-02-29£226,950
Flat 70
2015-11-24£120,000
2014-01-29£132,000
2008-08-29£189,950
Flat 71
2017-04-13£115,000
2011-04-01£209,950
Flat 8
2015-02-20£125,000
2009-09-24£177,950
Flat 9
2010-05-14£163,761

 

 

Related posts:

Guardian reports the Taylor Wimpey £130m offer to settle ground rent scandal Guardian reports ‘breakthrough’ deal from Countryside … Pressure on Taylor Wimpey also to offer freeholds Your Housing Group shared equity retirement flat sells for £39,129.26, after three years on the market Default ThumbnailHeirs of empty retirement leasehold flat now face doubled council taxes … on top of plummeting re-sale value, on-going service charges and an exit fee if it ever does sell Family outraged by £50,000 exit fee on sale at Retirement Villages’ Mayford Grange

Category: Latest News, News, Retirement

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Reader Interactions

Comments

  1. Michael Epstein

    November 18, 2019 at 8:04 pm

    Many plan to use equity release to finance their latter years.
    Is this possible in retirement developments that have shown such a catastrophic fall in values?

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