A NEW HOUSING VENTURE FOR PEOPLE APPROACHING RETIREMENT
A simple and smart approach to homes for retirees that allows you to:
- turn surplus living space into cash
- futureproof your retirement income
- upgrade the facilities you’ll need as you age
- continue to live in the place you’ve made your home
“More Londoners are living longer and more older people are choosing to remain in their own homes rather than go into residential institutions.” Greater London Authority. The London Plan.
MAXIMISE YOUR SPACE, SECURE YOUR FUTURE
If you’re living in your long-term home, you’re likely to be faced with difficult choices.
You’re not just living in the house you own – you’re rooted in local communities, and moving somewhere new will take you away from important social networks.
One solution could be equity release, but the reality can prove problematic. Which? Magazine editor Helen Parker says “view them as a last resort. These ‘lifetime mortgages’ don’t have to be paid off until you die, but while this means you don’t have to worry about paying off the loan now, it can cause problems if your circumstances changes, and of course you will also have less to leave behind.”
Council-based improvements to the home may be limited in scope depending on where you live, and tends to ceiling at £30,000, which may not cover all the work you’d like done.
LOOK AT YOUR SITUATION IN A DIFFERENT WAY
The bigger your house, the bigger the challenge of maintaining it.
Our expertise is in elegantly dividing properties into manageable units. These allow us to use your own accommodation as a haven for the future, and convert excess space into flats there’s an abundant market for which you can benefit from.
As a result – flat prices have been outpacing house prices – the total value of your property increases. That will cover not just the cost of conversion but ensure from your share of flat sale income a more prosperous future within the home you know and love.
Our guiding principle is to leave you financially better off, as well as secure in your home. If that outcome isn’t possible, we will tell you – and help you to find a more suitable way forward.
You’re going to need liquid capital as you get older.
You’ve probably noticed in various ways that you’re not as nimble as you were. That process is likely to continue in your later years.
It’s unlikely that your home is currently adapted for the changes that older people experience. One area where we have expertise is in making your home a safe and friendly environment conducive to the delivery of health and care services as you get older.
People are living longer than previous generations, and with higher expectations. What can make a difference is surplus funds to access services to the standard you deserve. There comes a point where money can buy freedom, and there’s no better use for wealth than that.
THE BIGGER PICTURE
What we’re proposing is going to become mainstream thinking.
Dawn Foster, who writes on politics, social issues, and economics said in a piece for The Guardian (28/9/15) that “Many older people have considered downsizing – they just need a financial incentive.” Joan Bakewell in the same article notes “Urging the hold to move out of their ample homes is no substitute for serious housing policy.”
We agree with both of those writers, and came up with a solution that meets the needs of the market. House owners have the upper hand in the market, and any significant changes have to take their needs into account. Essentially, you’re in the driving seat.
It’s all about partnership.
Time: 3 Weeks
Everything is about making the most of your situation. We’ll look through all the data with you, explore the figures, look at the risks and benefits, and do all that in plain English.
Next, we’ll consult with local planners to ensure we have their support, and get architects on board to maximise the options for your property. Then we can really get to grips with the specifics of the project, and submit a plan for approval.
Time: 3.5 Months
A solicitor will open a trustee account to control the funds involved, and relevant contracts signed with the appropriate parties.
Monies will only be released on the issue of a payment certificate by the architect.
Time: 6 Months
While your property is renovated, we will find you alternative accommodation where necessary.
Time: 3 Months
Finally, the new flat or flats will be sold, and the money put back into the trustee account, allowing you to receive profits as agreed.
Clearly, we can only outline the nature of the process we use, and the reality is different every time because each of our clients is different. Your involvement with us is entirely decided by you, and we will only proceed if the practicalities and figures work for everyone involved.
YOU CAN FREE YOUR ASSETS TO CREATE A SECURE FUTURE WITHOUT HAVING TO REMORTGAGE OR MOVE HOUSE
Talk to us about how our approach could be the answer you need.