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Age restricted property

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  • Age restricted property

    I have inherited an age restricted detached property but due to complex probate and land registry issues it has been vacant for 21/2 years. During that time it has been vandalised, as locals realise it is unoccupied, although it is alarmed and has security lighting.

    What is an asset is becoming rather a millstone! I have the money to refurbish it but am reluctant to spend money when it cannot be occupied and might still be standing vacant if it is difficult to sell to someone of the correct age (or older).

    Does anyone have any experience of such a situation?

  • #2
    Not personally but there was a place in my town that seemed like it was cursed. It was flooded, it was the victim of arson, it was broken into time and time again and this is despite having security fencing all around it.

    It finally got sorted after almost 10 years work and was rented out. If you can get it up and running fast and then rent it out then it might be viable but if not then you might face a pattern of vandalism.
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    • #3
      These types of property are really hard to shift as finance is incredibly hard to get. You may find one of the "cash fast" property companies would be interested at a price. Just make sure that they are true "cash buyers" as most are not.

      Good luck

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      • #4
        Well you have to do something otherwise its just dead money.

        Personally I would get the work that needs doing to make it livable done pretty fast, then spend some nights at the property yourself to make it looked lived in while you finish off the rest.
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        • #5
          Re: Age restricted property

          The idea is very good!!

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          • #6
            Re: Age restricted property

            I would suggest that you explore the option of selling the property at auction.

            That way, you should acheive a quick, realistic sale price and the millstone is gone.

            Take care,

            Neil (out of work Conveyancer)

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            • #7
              Re: Age restricted property

              If one buys an age restricted property, for e.g. retirement, is it legal for it to be occupied by someone below that age?

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              • #8
                Re: Age restricted property

                I agree with Paul_NM, if I were you I would get the basic done to make it habitable and put it on the market. The longer it sits empty, the more it will cost to refurbish.

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                • #9
                  Re: Age restricted property

                  I would sell this at auction and pass the problem on to someone who hasn't done theire research

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                  • #10
                    Re: Age restricted property

                    I agree, sell it as it is.
                    You will not get any more for it even after refurbishement.
                    Perhaps you could ask the council what would be required to lift the age restriction?
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                    • #11
                      Re: Age restricted property

                      Agree sell it at auction to a builder who knows what they are doing.

                      You should still get a reasonable price for the land

                      Ged
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