Buying or selling a retirement property? Read this first!
Shropshire is one of the most popular places in the UK to retire - but legal experts are urging people to do their homework before agreeing to buy a new property.
With Shropshire being named as second only to Cornwall as the most popular place in the UK to retire, it’s no wonder that demand for retirement property is high.
Having the right legal advice when buying or selling property can be the difference between a quick, smooth transaction or a long drawn-out process with lots of frustration along the way.
Loretta Aston, head of residential property at Lanyon Bowdler Solicitors in Shropshire, has seen a rise in demand for homes in newly-built retirement villages - which can come with hidden fees and restrictions.
“The sale and purchase of homes in retirement living estates is one of our specialist areas, and there are certain things that people need to be aware of,” she says.
“There are often restrictions on occupancy, such as age restrictions, pets and so on. Buyers also need to be aware of hidden fees, like service charges and ground rent, along with the fees payable on a sale, which can be a percentage of the sale price.
“It’s really important to seek expert advice on what will be one of the most important investment decisions of your life.”
Loretta says Shropshire has a wide range of properties suitable for retirement - especially now that people are retiring younger with more elements on their property wish-list.
“It’s interesting to note how things have changed in recent times,” she says.
“Retirement is no longer just about elderly people looking for a bungalow, we are seeing clients in their 50s who are looking for homes with enough space to accommodate a range of interests.
“People want properties with stabling for horses, space to keep chickens, classic car collections, and space to entertain family and friends.
“They are also very interested in what restaurants, pubs, social and leisure clubs and amenities are on offer in the area.”
For more advice about retirement property in Shropshire, give Loretta a call on 01584 872333 or visit the Lanyon Bowdler residential property pages.
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