People of all ages use a residential conveyancing solicitor when buying and selling their home but as they get older most are happy where they are and do not want the upheaval of moving. However, downsizing property can be a good option for an older couple or single person.
Although it can be an emotional wrench to leave an established home, there may be many practical advantages, apart from the obvious financial ones, to downsizing such as being nearer to family or friends, services or shopping centres, reduced worry about maintenance of a property and increased personal security.
The question of where to go and what type of housing will best suit an older person obviously are individual and may be dictated by budget as well as practicality.
A city location, including London, may appeal to someone who wants to be close to shops and entertainment while a coastal town, such as Brighton, often attracts retirees from inland looking for sea views and fresh air.
There are now greater choices than ever before for those over-55 with many new developments aimed solely at this age group.
A number of national home builders specialise in this field and advice on finding a location in a desired area is available from the organisation Fifty5 Plus Retirement Search, among others.
The choices often depend on the level of care required by the buyer. This can range from completely independent to a large element of regular help from an on-site warden.
Some new developments have hotel services
Some new developments have hotel services with restaurants, guest rooms and social or sports facilities.
Size of property can vary from a two-bedroom bungalow in a gated compound to an apartment in a converted mansion, right down to a bedsitter in sheltered housing. Depending on geographical location, most styles are available to buy freehold or leasehold, both new-builds and resale.
With a freehold purchase, the legal procedures for transferring the title will be the same as when buying any other property, but many retirement homes are leasehold and a lease will be drawn up for the new owner setting out the obligations of tenant and owner.
There are some extra financial aspects to consider when buying a leasehold property, including regular payments of service charge and ground rent. The service charge will be paid by all leaseholders and is to cover the upkeep of the buildings and site.
Ground rent is a fee payable to the landlord/freeholder and is usually paid annually. There may also be a ‘sinking fund' to pay for any long-term maintenance work.
With retirement housing, where additional services are available, further fees or service charges are likely to be payable.
Downsizing to a more manageable home is a big upheaval for an elderly persons who may have been living in their previous property for half a century or more, but an experienced residential conveyancing solicitor can smooth the way and make the procedure as easy as possible.
Downsizing property through Healys of London and Brighton
Healys has a dedicated and experienced team of conveyancing solicitors in London and Brighton who offer an efficient cost-effective service for buying and selling freehold and leasehold property throughout the UK for buyers of all ages and in all circumstances.
Downsizing will involve both selling and buying, but our high standards of expertise and efficiency will ensure your transaction will be conducted as quickly and smoothly as possible while protecting your interests.
If a leasehold contract is involved, we will advise on all aspects of the extra administration procedures and financial implications.
You can be assured of a sympathetic helpful service at all times from Healys' residential conveyancing professionals.
For more information and advice on costs of Healys' conveyancing services, you can request a call-back via the website, email partner Kiri Kkoshi, telephone 020 7822 4148 or associate solicitor Darina Gowen telephone 01273 669 115.
