GUARDIAN  |  Money

My brother has fallen victim to the retirement home transfer fee money grab

Selling a retirement flat flags up ‘event’ or ‘exit’ fees that bedevil contracts across the retirement sector.

2024-08-26  836  中等

The lease drawn up by McCarthy Stone in the 1990s and signed by your brother states that he must pay the freeholder 1% of the gross sale price, or the open market value, whichever is greater (and guess who gets to decide which is greater!), if he sells or sublets. If the money is not handed over within seven days, the new occupier becomes liable. You’ve accepted an offer of £93,950 for the flat, so your brother will have to remit nearly £1,000 in return for nothing.

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