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”,...
Leases of retirement properties are slightly different to other leases because these developments are built specifically to meet the needs of the elderly who wish to live independently but within a sheltered community. Typically, retirement leases will have clauses limiting the age, category of persons and restricting who the property can be sold or sublet to. The lease may also provide for a resident warden system/caretaker or house manager’s flat which you may have to pay for. They also often contain exit fee clauses which apply at the time of sale or subletting.
When you buy the property it is extremely important that your solicitor explains what the clauses in your particular lease mean because it is very difficult to vary retirement leases afterwards.
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