Renting option with ASTs introduced by retirement developer

McCarthy & Stone, long associated with retirement properties only available to buy, has introduced a renting option at a number of its schemes. 

The rental option uses Assured Shorthand Tenancies with a two month notice period.

The company would be the landlord however, a statement on its website - aimed at potential renters - says: “Over time McCarthy & Stone plan to sell its portfolio of Rental apartments to trusted property investment companies they partner with. The terms of your Assured Tenancy Agreement will remain unchanged. You will be notified in advance of these planned sales. In these circumstances McCarthy & Stone retain ongoing responsibility for management of the development and a direct relationship with you.”

The website lists 70 schemes where the rental option is available; the rent figures quoted are for a single monthly payment which includes ground rent, service charge and parking where applicable.

Examples include Langton House at Warlingham in Surrey, where the purchase price is from £450,000 and the rent from £2,500 pcm; but rents are not always obviously related to purchase price as another example is at Tunbridge Wells where the purchase price is from £381,950 yet the rent is from £3,110 pcm.

Some of the properties to rent are available through property management firm Touchstone, and some directly from McCarthy & Stone.

You can see the rental part of the developer’s website here.