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What are the shortcomings of a retirement flat?

Can my 10-year old grandson live with me in a retirement flat? Can I rent it out to someone less than 55? What about taxation and outgoings? Anything different for retirement flats? Not being a UK citizen - just a European national, can I own it?

Asked on Nov 21 2017, General in London | Report content

Answers (3)

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  • Hello, there are quite a few things to deal with here. You would have check the covenants to see what restrictions there may be. Can you confirm if you are the owner or not (as your last question is a bit confusing)?

    Answered on Nov 23 2017, Report content
  • No, I am not an owner of a retirement flat yet. I am considering buying one if the answers to my questions encourage me to do so. Thanks for continuing with the answer.

    Answered on Nov 26 2017, Report content
  • Hi - I would suggest organising some viewings of retirement flats you are interested in and then checking the conditions on the leasehold and any other associated agreements. For example, as these buildings are usually very quiet, there may be restrictions on renting to younger people. If you were to rent it out then, yes, there will be income tax to pay. You would also lose the benefits of Principle Private Residence so there will be Capital Gains Tax when you sell down the line (although there are some reliefs here). Hope I've answered your initial question?

    Answered on Nov 28 2017, Report content

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