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Legal & General will undertake a refurbishment programme, if required, to maximise value and speed up the sale.
It also commits to cover all related agent and surveying fees and contribute towards moving costs.
Inspired Villages currently operates six later living communities across the UK and is set to add to the portfolio with a further 2,500 homes over the next six years.
Its seventh village, Ledian Gardens in Kent is set to open in 2021.
Phil Bayliss, chief executive of later living at Legal & General Capital, said: “With 3.1 million over-60s seeking to downsize their homes, and priorities rapidly changing in light of the pandemic, we are keen to ensure that Inspired Villages is able to offer this opportunity to as many people as possible, as quickly as possible.
Incentivising “right-sizing” in retirement pivotal to addressing housing crisis
Credit: Legal & General
Chair of the Affordable Housing Commission Lord Best has said policies are needed to break the “cultural reticence” towards later life downsizing if the UK is to address its housing crisis.
Speaking at a virtual panel hosted by Legal & General, Lord Best, a crossbench member of the House of Lords said government had to incentivise the elder generation to “right size”, so as to free up much needed family-sized social and council housing.
“We just don’t have a culture in the UK of a move in older age, people are very suspicious of moving… there is a fear of moving to an institutional setting,” he said.