A leaseholder in Roseland Parc Retirement Village, Cornwall, is facing a £130,000 loss on a £350,000 flat in order to move out, but says it is worth it.
Eileen Osborne, 72, moved into the property more than 10 years ago, but has now purchased another home locally and has moved out.
She is trying to sell the flat for £275,000, but when she does so she will have to pay 12 per cent of the price as an exit fee to Retirement Villages Limited.
The case illustrates the punitive effect of high exit fees if you change your mind, or circumstances change, and you have to leave a site where they apply.
Retirement Villages, which was bought by insurer AXA for around £100 million in 2017, owns and manages 16 sites around the country, with 2,000 residents, and has a further five committed new sites mainly in the South East.
Full report here:
Pensioner loses £130,000 to escape Roseland Parc Retirement Village. But it is worth it, she says … – Better Retirement Housing
A leaseholder in Roseland Parc Retirement Village, Cornwall, is facing a £130,000 loss on a £350,000 flat in order to move out, but says it is worth it. Eileen Osborne, 72, moved into the property more than 10 years ago, but has now purchased another home locally and has moved out.
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What a terrible day of bad news from Leasehold Knowledge this issue!. RTM failing, Cladding disaster with little hope for those effected, and 12% on resale of retirement property in Cornwall is unbelievable!!. Thanks for keeping us uptodate with the news even if it is disappointing.
I live in a 26-apartment block beneath 18m in Tunbridge Wells that appears not to have cladding. The Georgian-style block is 18 years old.
However emerging reports suggest some solicitors are asking for EWS1 certificates even if the blocks have no cladding. Does the excellent LKP have any information about the apparent emergence of this certificate in order to facilitate sales of flats. And who would issue them.
Any advice would be gratefully received. Kind regards Malcolm