OFT investigates retirement home exit fees
The Office of Fair Trading (OFT) has contacted some of the UK's retirement home businesses to express concern about the 'exit fees' being charged to residents when they sell on or rent their properties.
These 'exit fees' are charged when the residents of purpose-built retirement homes decide to move out. The investigation comes after one of the UK's major builders of apartment buildings agreed to waive an exit fee, which it was charging at 1% of the sale price when the property was sold.
Read more at:
http://www.oft.gov.uk/news/press/today?prid=651611
