Moving to a rented flat

I live in a large detached house with extension and massive gardens. I looked into buying a bungalow but they are more expensive than my home would sell for and they would still want work doing in them. I have decided when the times comes I will get a stairlift, I have a gardener now but I will get a cleaner and anything else that I need to enable me to stay in my home.

Until the government build homes for elderly people at a decent price then I am staying put so it is the governnment's fault that families will be losing out on their first or second homes. On the small estate where I live we have over 20 widowed or divorced people living alone in these large detached properties because they cannot afford to move as the price of the houses they would like to buy is too high. We want to be able to sell our homes, downsize and have thousands in the bank after the sale.

A lot of the retirement property comanies, like McCarthy and Stone and Churchills offer rental properties as well as properties to buy.

You would have security of tenure there.

Its the stress Pantglas2, of repairs, leaks etc all the time and as you are getting older and more health problems.

Yes MOnica the McCarthy and stone etc companies have lovely rental properties but are very expensive and unfortunately I couldn't afford them.

Looking at it logically I should buy a flat and I like flats but since the Cladding and Fire certificate things, I feel unsure now. Also a lot of the Service charges are very high.

sabru Most blocks of flats are built in a traditional manner with brick or other exteriors. Buy an older traditionally built flat in a small block and the chances of there being any cladding on it are very low indeed.

When you have the flat surveyed ask your surveyor specifically to report back on whether any form of cladding has been used on the exterior of the property.

Pantglas2

I don’t understand why anyone would pay £500+ per month to live in a rented property. I don’t spend any where near that on maintenance on my owned home and garden maintenance- what’s the rationale here? What am I missing?

I suppose they have the landlord to cover maintenance costs but still as long as you have paid your mortgage off in my opinion you are far better off staying in your own home. Just had a quick look at rental prices here and nothing decent under £1500 per month.

The National Trust have long rentals.

Buying a flat can be done. My mum bought a ground floor flat with its own little garden. It was the bottom quarter of what had been built to look like a pair of semis. It was on the market cash only as the lease was less than 50 years. This was fine by all of us. She didn’t have 50 years to go and it served her very well.
She moved because her semi was beginning to cost her money to keep up. She still had to pay for people to do jobs on her flat, but she had downsized so had the money to pay for this.

My sister in law lived in a ground floor flat (bought leasehold) in London. It was the ground floor of a large terrace. It was very nice.

Pantglas2 what you are missing is that in a rented retirement flat having paid the money the maintenance just happens. Living in your own house you have to decide when a job needs doing, find reliable trades(wo)men, get estimates, decide whether they are reasonable and whether you can afford the work, then arrange for the work to be done, and so on until you pay the bill.

Now, I am on your side of the argument I prefer to have everything in my hands and under my control, even though it involves more work and possible worry, but I quite understand that many people would rather pay a monthly some and hand all the worry and responsibility on to someone else.

Thanks Tilley and Monica for your input - I appreciate that not everyone wants the challenge of running their own upkeep on their home, especially as they get older.

My thought is that some may underestimate the alternative stress involved in waiting for a landlord (who isn’t living with a problem) to decide the urgency in any given situation! All that apart from rents going up at regular intervals and service, management fees doing the same.

We did actually consider downsizing from our little 2 bed bungalow with large garden to a 2 bed new build apartment around five years ago and then COVID hit - then we realised how very important our own outside space is to us.

We bought this place 26 years ago downsizing from a large 3 bed split level house and have spent the intervening years updating everything along with the garden - we have one hedge ( for the birdies…) one patch of lawn which either of us can manage.

A new roof this summer will be the last big spend at around £5500 - nothing else has cost as much in one go but these properties were built 50 years ago and most on the estate have had new roofs in the last 10 years.

Each to their own eh!

Most people who downsize to a rented flaat are usually moving to sheltered housing or a retirement complex.

I would not expect someone who was renting a flat to be paying maintenance sum as well, the cost of the maintenance is inclusive in the rent. The maintenance charge is for those buying the flats.

My MiL bought an ordinary open market flat where the four flat holders owned the company that ran it. And one of the first things they did was agree between to each paying a monthly sum of money into the company bank account to pay for any maintenance that might need doing.

Do you have retirement villages ? There are loads of them here where you live independently but amongst others with similar interests. Not my cup of tea but many love living in these villages. Typically a group of several hundred one storey houses with small gardens.I’d rather live in one of those than a rented place where you are chucking your money away.

Yes, Monica, I see how it works now and your last paragraph sounds ideal.

I do have a friend who sold up and rented an apartment just before Brexit (she sowed the seeds for us considering the purchase of one later) and the downside for her is that her rent has almost doubled whereas her pensions haven’t!

Also her CH went during COVID and the landlord used lockdown as an excuse not to arrange repair immediately turning up with a few radiant heaters pro tem!

Finding the right rental is key I’m sure.

nanna8, we have thousands of such developments, but, even though the occupiers own the flats (usually) they also have to pay high maintenance fees for care of the common grounds, maintenance of the properties and for wardens and alarm systems. They also tend to b difficult to sell after the first owner dies or goes into care.

sabru

Has anyone sold their house and moved into a rented flat and how has it turned out. Thanks.

It sounds ideal, free up your money and move into a rented flat if the term is long and you like the owner. I'm sure downsides could exist. If we ever had to move house a rental seems ideal as elderly people.

I can't think we ever will move, but who knows?

Moving/downsizing is horrifically expensive We are in the process of doing it. Moving from a substantial Victorian house to a bungalow is going to cost us in excess of £15,000. Moving charges, legal fees, estate agent costs, surveyors and the utterly iniquitous stamp duty. Do the sums first!!

Yes, I sold my house and moved into a rented flat, and it has worked out quite well. Without a mortgage, I feel more financially free and less responsible for maintenance and repairs. Renting has also given me flexibility—I can move to new places more easily and explore different neighborhoods. While I sometimes miss having my own space, the freedom and reduced costs have made renting a positive experience.

When the Rental (Reform) Act becomes law (almost certainly next year) many practices such as evicting to raise rental will be outlawed and renter's will have more security. The law reflects changes that have been successfully effective in Scotland for some years.
There will also be no set term for a lease or short term rentals. These also work in tenants' favour.

We made the decision to sell our family home a couple of years ago and moved into a rented flat, and while it was a big adjustment at first, it’s actually worked out really well for us, with the right mindset and planning.

One key consideration, as others have mentioned, is rental security. We were fortunate to find a long-term rental through a professional property management company, which gave us some peace of mind that we wouldn’t be asked to move out on short notice. That said, the reality is that tenants in many places still face limited legal protection, so it helps to know your rights and stay flexible.

Another major benefit for us was financial freedom. Without the overhead of a mortgage and property maintenance costs, we were able to explore lifestyle changes, spending more time abroad and even working remotely. If anyone's considering a move abroad or a more flexible lifestyle, websites like Living On The Cote dAzur are great for exploring rental options in places like the South of France, where long-term lets are more common, and the quality of life can be a real draw.

In the end, it really depends on your priorities. If stability is top of your list, look for rentals with corporate landlords or estate-managed properties. If flexibility and freedom are more important, renting can open up a lot of doors. For us, it was a step toward a simpler, more mobile life, and we haven’t looked back.

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Interesting thread.
Lots to think about, even though it has been added to again, for the wrong reasons.

I hadnt even thought about the possibility, of when older, selling and renting so no house maintenance to deal with.

Many retirement complexes have property for rent as well as property to buy.

Personally, I never fancy a retirement complex. No matter how glossy the ads and brochures.

No not my cup of tea either. But, most people would run screaming from our current exercise in downsizing - to the biggest renovation project we have yet to do in a career of house renovation. We are both over 80.