House buying scheme in UK

Hello Wendy, that is really interesting to know but do you have any idea of the percentage and any other admin costs and procedures that would be involved once the time comes? Also, what is the name of the company involved?
For example, if you paid 50% of the purchase price, do the company get 50% of the final sale price?

Hi

I don’t know all the details but will contact our friends when they return from holiday.

I do know that the company is called Homewise. You can agree the amount of percentage to suit yourself. Yes, whatever percentage is agreed, the company will take that percentage on conclusion. I don’t know about costs etc.

Our friends said they were able to get a decent house in the U.K. using this scheme. Their villa in Spain had lost some value and their house in the U.K. has already gained even in difficult times! It may be a way for some people to return to the UK if they wish to do so.

Thanks Wendy, I´ve had a quick search and found this; https://forums.moneysavingexpert.com/showthread.php?t=4323509&page=3#topofpage

It seems that the jury is out on this one but may suit a limited range of circumstances. 

And this; https://www.thisismoney.co.uk/money/mortgageshome/article-3471835/Why-small-print-retirement-home-cost-20k-Housing-firms-stinging-thousands-hidden-fees.html

Yes, it’s not for everyone but has worked well for our friends. They found the whole process straight forward and have a house they couldn’t otherwise have purchased.

Hello again Wendy, I´ve added another link to my previous post. I´m afraid I am very dubious about these schemes.

My parents bought a Churchill retirement home for well over the market price and paid high maintenance and management costs. My father should actually never have been allowed to live there as it was a first floor property and in the event of a fire could not use the lift so he would have been stuck.
When Dad died, Mum was soon diagnosed with dementia and could no longer live on her own. The property is now worth substantially less than when it was purchased so she decided to rent it when she went into a care home. This cost thousands and you can only get market rent which doesn´t allow for the extra facilities which Mum still has to pay for. If the tenant leaves, there will be more thousands to pay for each new tenant and when Mum passes, the high fees are still due right up to the point when the flat is sold. Flats take ages to sell unless prepared to take a substantial hit.

There are always people out there selling dreams which can fall flat in a spectacular way. I can only advise anyone considering either of these schemes to get independent financial advice and to take along a trusted family member or friend

I am so sorry to hear of your parents plight. I have heard of the Churchill scheme and of the dubious “downsides “ associated with them.

It’s very important to take advice from an expert and our friends did do that. I think the end result was that they got a really nice house which they are happy with.

I will ask them for more details when they return.

I have spoken to quite a few people in Spain who would like to return home but feel they cannot afford to do so, it’s such a shame that they should be faced with that dilemma as they grow older.

Thanks Wendy, I am interested to hear whatever you can find out, although I have no plans to move back to the UK, who knows what the future holds.
My parents also received independent advice from their solicitor. All the terms were "as normal" in such leases but I´m afraid Mum was so eager to buy she would have tuned out for most of it. Dad was blind so couldn´t read it anyway. The documents are extensive and there is no way she would have read everything or understood what could happen when their circumstances changed. 

The nightmare will be for my brother as holder of financial PoA. 

This could be helpful for many of us who would struggle financially if we had to return to UK.

I will definitely follow it up with my friends and ask them about legal terms and conditions. I wish there was some help for people wanting to return but I can’t see it happening or how it could be implemented!

Anything that would involve British taxpayers helping those of us who left the UK intending to enjoy a good, cheaper life in the sun for many years would be rightly extremely unpopular, in my opinion.
I knew when I moved that I was more likely to lose money on my property here, especially when fees and taxes are taken into account. I also knew I would not be able to afford anywhere near the same standard of property I used to own in the UK if I had to go back. In the meantime, I hope to enjoy as much of this beautiful country whilst I can and hope never to have to go back, but life intervenes sometimes.

Forums such as this are a valuable source of information and as this is something I could well have to consider in the future, I have contacted Homewise and asked them for a copy of a standard lease and will update if I receive it.