Transfer Charges and Exit fees

When selling a retirement leasehold property, as well as the usual estate agent fees and legal costs, you may be expected to pay an ‘exit fee’ to the managing agents of the retirement development. These charges are usually given as a percent of the purchase or sale price and are typically 1 or 2%, but can sometimes be up to 30%.

It is important to ask about exit fees at the earliest possible opportunity when viewing a property as the cost can be considerable and may have a significant impact on your decision making. As with service charges there are many different terms that can be used, such as:

  • Transfer fee
  • Re-assignment charge
  • Exit fees
  • Deferred contingency charge