Retirement Flats Shouldn’t Be a Financial Trap

Over the past few months, I’ve been working with a number of local families affected by what I believe is a troubling situation involving retirement flats in our area.

Take Corbett Court in Burgess Hill. Residents there have told me they pay service charges of up to £14,000 a year. That figure alone is eye-watering – but the problems do not end there. When a flat owner passes away, their family inherits not only the property but also the ongoing charges. These flats are notoriously difficult to sell, often fall in value, and leave grieving relatives saddled with thousands of pounds in costs they never anticipated. What was marketed as a safe, secure, supportive option for later life has, in too many cases, become a trap.

Last week I met a senior director of McCarthy Stone at a Parliamentary event focused on housing for older people. I pressed him directly on what is happening in Mid Sussex and what McCarthy Stone is doing to support affected families.

As our population ages we must make sure that we have enough suitable housing for older people. It isn’t just about bricks and mortar – it’s about living well. When older residents have the option to move into safe, well-designed homes, they’re more likely to stay active and connected. When they’re able to downsize, it helps to make family homes available for the next generation – easing housing pressures across Mid Sussex. 

Getting this right is important, and it speaks to a wider problem with management companies who look after all types of housing development, not just those for older people. Some of the largest management companies like FirstPort have an impact right across the country as well as here in Mid Sussex. When their service is poor it causes misery to tens of thousands of people. 

I have serious questions — both for companies like McCarthy Stone and FirstPort - and for the Government. A home should offer security and peace of mind, not prolonged stress or unexpected financial risk.

If you or someone you know has been affected, please do get in touch with me at alison.bennett.mp@parliament.uk. I want to hear your story — and I want to make sure your voice is heard.