What is a Leasehold Retirement Flat?
Leasehold retirement flats can include purpose built blocks, converted houses and converted commercial properties like hospitals and hotels.
Buying a property leasehold means that you are buying a very long tenancy, basically the right to live in the property and have use of the property for the term of the lease, usually 99 or 125 years.
The flat can be bought and sold during the lease period, and the length of the lease decreases in length each year.
The ownership of the flat relates to everything within the flat including the internal walls and floorboards, the full details of this is usually shown in the lease contract.
The structure and the land that the building stands on is usually owned by the freeholder who is usually also the landlord.
The landlord will be responsible to ensure the building is maintained and insured. Leaseholders repay the monies spent by the landlord in their service charges. Most retirement properties are managed by a specialist property managing agent to ensure the property runs in accordance with the terms of their lease.
Retirement properties are limited for occupation by people over retirement age, usually 55 or 60, the age is determined by the lease. Many retirement properties may include just apartments or occasionally offer bungalows too. Where apartments and bungalows are on the same development this is known as a mixed scheme.
In most retirement developments there will be a resident house manager or warden and a 24 hour alarm call facility.
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