Going down the 'Part-Exchange route'

Please consider the following advice especially if you are offered a part-exchange deal when buying on a retirement development.

Before even considering a part-exchange deal, we advise that you get at least three independent valuations of your family home from local estate agents or surveyors.
Carefully consider the part exchange offer from the builder with the valuations you get from the local experts. Take into account expenses such as solicitors fees, estate agents fees and the removal costs.
Do not sign anything, without first discussing the "deal" on offer with a family member and your solicitor.
As with any new home purchases, always use an independent solicitor to carry out the conveyancing of your purchase. NEVER use the builder’s solicitor or any firm they recommend.
Ask your solicitor to point out any clauses in the lease that may apply if you develop any mental illnesses such as dementia.

Ensure your part-ex is independently valued by 3 local estate agents

Your solicitor should make you aware of who the landlord/freeholder is and the name of management company. They should also inform you of what service charges you will have to pay when you move in, and whether they could rise in the future. Remember ownership of the freehold and management companies can change.
Ask whether there is an exit or transfer fee stated in the lease when your flat is sold.
Find out whether there are any restrictions on who you or your beneficiaries can sell the property to in the future.
You should ask if there are any restrictions on whether you are allowed to rent your property and, if so, are any charges involved by doing so.
Ask your solicitor to find out what your liabilities are regarding financial contributions to the sinking/contingency fund and who is managing the fund.
Familiarise yourself with the procedure for securing 'Right to Manage'. The Leasehold Advisory Service offers free advice on all leasehold matters.
Download AgeUK's - "Buying a Retirement Home " fact sheet.