Assured Tenancy retirement rentals support the ‘longevity revolution’ Thursday 17 May 2007 PDF Print • Baroness Sally Greengross outlines the value of Assured Tenancy retirement rentals • Increasing demand for life-long rental contracts amongst older people wanting to step off the property ladder • Case studies across the country available for interview With people living longer and healthier lives, there is an increasing need to find viable housing solutions for the elderly, many of whom are finding it harder to finance their retirement. Assured Tenancy retirement rentals offer a solution, avoiding the hassle and costs associated with owning a property in later life and enabling people to rent bespoke accommodation on a contract that is controlled by the tenant, not the landlord. This type of life-long rental agreement was pioneered by Girlings Retirement Options and enables tenants to remain in the property indefinitely. The value of Assured Tenancy contracts was outlined by Baroness Sally Greengross, on Friday. The crossbench member of the House of Lords and ex director of Age Concern spoke at the opening of Magnolia Grange, a new development in Worle, Weston-super-Mare, offering superior retirement accommodation for rent. The development was launched by Girlings, in response to increasing demand for retirement rentals on Assured Tenancies. Baroness Greengross commented: “We are very fortunate to be approaching a longevity revolution. But people should be able to enjoy their lives without having to worry about owning a property, or, if they are renting, without the uncertainty that they might have to move if the landlord’s circumstances change. I am delighted with the scheme that Girlings offers, as it provides a much-needed solution for the many people who currently find themselves in this situation.” An increasing number of people are realising the benefits of renting in retirement, and Girlings, which rents to thousands of people, experienced a 40% increase in rentals last year. Peter Girling, Chairman of Girlings Retirement Options comments: “I founded the company with my wife Gillian, when we realised that on reaching retirement age, many people are either unable to or would prefer not to purchase a retirement property. Their reasons are varied, from financial limitations, to wishing to avoid the burden of home ownership, to wanting to release capital from their existing properties, or to assist with inheritance tax planning. Renting is a suitable solution for all these people and the Assured Tenancy contract eliminates many of the stressors associated with retirement.” Freda Lloyd was one of the first tenants to move into Magnolia Grange, Girlings’ smart new development. When Mrs Lloyd was widowed two years ago, she was living in Cypress and decided to move back to England and rent. At first, Mrs Lloyd rented a regular property, but she was worried about the uncertainty of a shorthold tenancy rental contract. She wanted something more secure and decided to rent through Girlings. She comments: “At this stage in life, I want to have my money available rather then tied up in bricks and mortar. Choosing to rent through Girlings was the best property decision I have ever made.” Magnolia Grange offers 22 smart new one and two bedroom apartments. Rental prices are inclusive of the service charge and ground rent, and will increase in line with the RPI, capped at 6%. The development is ideal for independent and active over 60’s who want to spend their retirement in a beautiful setting, free from the financial and maintenance constraints of owning a property. Peter Girling, continues: “Baroness Greengross has long been a supporter of the UK’s elderly population and, as Director of Age Concern, has done so much to promote the issues that affect this age group. There could not be a more apt ambassador for Girlings and we were delighted that she could officially open the new development. “Magnolia Grange offers first class accommodation for the growing number of over 60s who wish to step off the property ladder in later life and rent. This type of private retirement accommodation for rent on an ‘Assured Tenancy’ basis has previously been unavailable and we are thrilled to be setting a precedent.” -Ends- For further information contact: Nikki Proctor / Heather Baker HBL Media 020 7612 1830 Nikki@hblmedia.com / email@example.com www.girlings.co.uk About Girlings: Girlings Retirement Options Limited - www.girlings.co.uk - is the market leader in specialist private retirement rentals and has been in business for over 15 years. It was set up because Peter Girling, CEO, realised there was a huge gap in the market. Even though there was then a recession in the property market, the demand for retirement property was stable but purchasers were unable to buy new property without releasing equity from their homes. Then there was the problem of the increasing number of unoccupied retirement properties where owners had died or moved to nursing homes. With too much empty accommodation and a thriving demand for occupation, the concept of renting was born. If the retired could rent then the second hand market would pick up and ultimately so would the market for new properties. Today, Girlings has a comprehensive database of over 10,000 properties in the UK in more than 700 retirement housing developments. It manages the lettings of nearly 1800 properties from Truro in Cornwall to Aberdeen in Scotland, ranging from apartments to a small number of bungalows and cottages, most of which they own in partnership with investors. Girlings’ properties can also be viewed at www.rightmove.co.uk under the retirement section. About Magnolia Grange: Magnolia Grange is an exciting development of new one and two-bedroom private retirement apartments in Worle, near Weston Super-Mare in Somerset. Rental prices start from £695 pcm for a one bedroom and £875 for a two bedroom, on Assured Tenancies. Rental prices are inclusive of ground rent and service charges which covers external window cleaning, 24 hour emergency call system, video door entry system, building insurance, external maintenance including grounds, heating and maintenance of common areas, use of residents’ lounge, management of the development, cost of the manager. Facilities Include: • Video Door entry link • 24 hour emergency cover • Stylish and contemporary fully fitted kitchen • Double glazing • Private landscaped gardens • Elegant Residents’ Lounge • House Manager This press release was distributed by ResponseSource Press Release Wire on behalf of HBL Media in the following categories: Men's Interest, Health, Leisure & Hobbies, Home & Garden, Women's Interest & Beauty, Personal Finance, Construction & Property, for more information visit http://pressreleasewire.responsesource.com/about.