No hassle, no worries: How ExtraCare handles retirement village exit fees differently

When it comes to retirement living, there are plenty of options out there, but not all retirement villages operate in the same way.

Unlike other developers, ExtraCare does things a little differently, particularly when it comes to exit fees and buying back properties, challenging a common misconception about retirement living.

For our residents, knowing that their investment is protected and that their family won’t be left with the stress of selling a property is a major relief. It’s part of our commitment to fairness, transparency, and making retirement living as easy and enjoyable as possible.

This approach means:

• Less stress for residents and families – No need to navigate the sometimes complex process of selling a home.
• A guaranteed sale – No risk of properties sitting on the market for months or even years.
• A smooth transition – Whether moving to a care setting or handling an estate, the process is much easier.

A breakdown of the process

The original purchase price of your home is guaranteed to be returned to you or your estate, minus:

• £750 administration fee
• Any outstanding weekly charges on the owner’s account
• 1% long term maintenance fee for each year (or part year) that the owner has lived in the property. This is capped at 10%.

How long will it take?

This depends on the terms of your lease. In most cases, if a resident is giving us notice to leave a village, they will have to give three months’ notice. If a resident’s estate is giving notice (in the event of death), you only have to give 28 days’ notice. ExtraCare’s weekly charges remain payable throughout the notice period or until the lease is surrendered, whichever period is longer.

Please note in the event of an estate giving notice, most will not be able to surrender a lease without Grant of Probate. This could take a number of weeks or months to obtain, depending on the complexity of a person’s assets. You will need to speak to your local Village Sales Consultant for more guidance on this.

If you are renting an ExtraCare property there is usually a one month notice period during which all ExtraCare’s weekly charges will continue to be payable.

We recently sat down with the daughter of a couple who lived at Solihull Village, and she told us all about their positive experience with the buyback scheme.