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bigger textThe Lifetime Lease - Frequently asked questions
If you are looking to move to a house, apartment, bungalow or to buy retirement property of virtually any kind, we would be delighted to answer any questions you may have. Please feel free to contact us and speak to a member of our team without any obligation whatsoever. In the meantime, here are answers to questions that are frequently asked by people who want to buy retirement houses, flats, bungalows or sheltered accommodation.
- Lifetime Lease Questions
- Once I have entered into the Lifetime Lease is it posisble for me to move home again?
- How long does it take to arrange a Lifetime Lease on my new home?
- Will I need to use a solicitor?
- Is there a minimum or maximum property value eligible for a Lifetime Lease?
- Is there a minimum number of years required on a leashold property?
- What happens when I die?
- What happens if I need to move into a care home?
- Are there any upfront fees?
- Who is responsible for insurance?
- Are there any monthly payments to make?
- What happens if the company goes bust?
Lifetime Lease Questions
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Once I have entered into the Lifetime Lease is it posisble for me to move home again?
YES. We understand your lifestyle needs may change at a later stage and we guarantee your ability to move into a more suitable home of your choice. You will be responsible for the costs involved e.g. estate agent's fees, stamp duty, both your own and the company's solicitor's and moving fees. There is no limit to the number of times you are allowed to move.
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How long does it take to arrange a Lifetime Lease on my new home?
We would normally expect the process to take 8-10 weeks. It may be quicker if your solicitor is familiar with the Lifetime Lease.
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Will I need to use a solicitor?
Yes, it is important that you consult a solicitor, as you are moving home and entering into a legal agreement. If you do not know a solicitor, we can put forward a slected panel of indpendent solicitors from which you can choose.
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Is there a minimum or maximum property value eligible for a Lifetime Lease?
No, there is no minimum or maximum value. However, all properties are subject to valuation.
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Is there a minimum number of years required on a leashold property?
The length of the remaining lease plus the age of the youngest applicant should add up to no less than 145 years.
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What happens when I die?
You (and your partner) have the guaranteed right to live in the property for the rest of your life/lives. When the remaining partner passes away, the property remains with the company. For added security and peace of mind, if you choose to take our Inhertitance Protection Option, you can benfit from protection in the event of either your early demise or the need for long term care. Please request your personal illustration for more information.
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What happens if I need to move into a care home?
As you no longer have a property to sell, to fund your long term care you should check with your local authority about the support they will provide. The social services department will make an assesment of your care needs and asses your income or savings. If these are low, the local authority will pay in full or part for the costs of your long-term care. The Inhertitance Protection Option may contribute to the cost of your care, if applicable.
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Are there any upfront fees?
Yes, you will be required to pay a fee which covers the cost of the property's valuation at the point you decide to proceed. This is refunded when you move into your new home and only retained should you decide to cancel.
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Who is responsible for insurance?
You will be responsible for the buildings and contents insurance on the property.
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Are there any monthly payments to make?
No. You purchase your Lifetime Lease with a one-off payment. However, there may be a monthly management charge if your chosen property is looked after by a managing agent.
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What happens if the company goes bust?
If this should ever occur, you are fully protected by your Lifetime Lease and are safe in the knowledge that the property is yours to live in for the rest of your life/lives.
