An investigation by Britain’s legal watchdog has found that hidden retirement home fees costing thousands of pounds are being imposed on elderly people. Pensioners are being hit with rip off charges when they are moving into residential care homes or closer to family.
“In some cases, elderly people are losing £60,000 on a £200,000 property when they move house. The charges are also applied when an occupant dies and their family has to sell their house, or in other changes of circumstance, such as when a live-in carer moves in.” – The Daily Mail
You can read more from the Daily Mail.
Elderly people ripped off
It seems the huge fees are charged to elderly people if their circumstances change. Many have critiqued the fees for being unfair and many older people only find out about these retirement home fees when trying to sell up.
“It was only by poring through the contract that the researcher discovered there were fees of 2pc a year. This penalty would have snatched £20,000 from someone who stayed in a £200,000 home for a decade.” – The Daily Mail
Thankfully, now there has been a shake up and The Law Commission has decided to crack down on the retirement home fees to prevent elderly people from being ripped off. These new rules will force property companies to fully disclose all ‘event fees’.
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