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Selling a retirement property

Leaving ExtraCare

Our buy back scheme explained

If you have bought an ExtraCare property and you wish to leave, the property will be purchased back by The ExtraCare Charitable Trust.

The original purchase price of your home is guaranteed to be returned to you or your estate, minus a village refurbishments charge, an administration fee and any outstanding weekly charges.

The village refurbishments charge supports renewal and replacement of structural and other integral items in the building, as well as anticipated costs of upgrades and improvements to the village or retirement scheme.


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. Please speak to your local Village Sales Consultant for more guidance on this.

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


How much will it cost?

The below examples show how much is repayable to a leaseholder or to their estate on the surrender of a lease in a typical ExtraCare location.

Both examples are based on a property purchase price of £234,950 as at 1 January 2020. These figures are correct as of January 2020 but are subject to review and change.

View examples

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 buy back scheme.


“The buyback scheme turned out to be a life saver for my family. Unfortunately, my Dad passed away and not long after, my Mum had a couple of strokes and she needed to be in a Care Home with 24 hour care and assistance. If they hadn’t been in an ExtraCare apartment, we would have had to get an estate agent involved to sell it with viewings, offers etc and all that that entails. I can’t imagine how stressful, not say how costly and time consuming that would have been for our family at what was a very difficult time for us.

Instead, we spoke to the manager at Solihull Village and he told us the procedure for the buyback. We gave three months’ notice, emptied the apartment, and shortly afterwards Mum had the buyback money in her account, less the small depreciation fee which we were made aware of when the apartment was purchased.”

Read the full story here

Phil’s in-laws also lived at Solihull Village, and here he talks about how the buy back scheme saved them the worry and responsibility of having to sell the retirement property on themselves. 


“If anything was to happen to your loved one at the village with the brilliant option of ExtraCare’s buyback you don’t have the worry or responsibility of having to dispose of the property. That could take many months, during which time you are still paying many bills. You simply hand it back for a small fee and have the peace of mind of knowing someone else is responsible for sorting it.

You don’t have solicitors’ bills for selling it on, you’ve got enough to think about when you’re handing it back, either a loved one has passed away or they need much further care that the village can offer, you have a lot on your mind and it’s one less thing to think about, selling an apartment.

The thing about houses and apartments is the value can come down as well as going up, the trade off here is knowing you’ll have the price guaranteed. It was absolutely the right move for us.”

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We recently sat down with the daughter of a couple who lived at Solihull Village, and she told us all about their positive experience of purchasing a shared ownership retirement property.

February 23, 2024

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In this article we aim to dispel the myths and shed light on the affordability and accessibility retirement villages offer to people from all walks of life.

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