Law Commission Final Report on Event Fees
Today the Law Commission published its final report on ‘Event Fees’: Event Fees in Retirement Properties. Event fees include “transfer”,...
These fees include “transfer”, “contingency”, “deferred-management” and “selling-service” fees. Fundamentally, all of them are triggered by an event (such as resale or sub-letting). For this reason the Law Commission refers to them collectively as “event fees”.
Leases of retirement flats and bungalows often include a fee triggered by certain events, such as when the owner sells or sub-lets their property. These fees are typically set at around 1% of the property sale price but may be as high as 30%.