18 The Grange

Tenure

Leasehold

Service Charge

All residents pay a contribution to the running costs of the communal village facilities, support services and maintenance of the communal buildings and grounds; this is known as the ‘service charge’.

The service charge is divided into a number of components. These cover the costs of items as detailed below. The service charge budget is raised in advance and is split equally between all properties. You will only be responsible for your proportion of the service charge for your property, and we will be responsible for the service charge on any unsold or unlet properties. 

For the avoidance of doubt, you are still responsible for the service charge even if your property becomes vacant and is in the process of being sold. Under these circumstances, the landlord, Senior Living (Turvey) Ltd may be willing to accrue service charges until the property is sold.

At Elderswell, a service charge cap will apply for the first 15 years from the lease term commencement date of the first village occupation, to provide greater predictability for residents.

The service charge will be £9,050 per year (an additional £544 for double-occupancy) divided into monthly payments, £754.17 pcm (£799.50 for double-occupancy).

Ground rent

There is a nominal ‘peppercorn’ rent (if demanded). In effect, no ground rent is payable.

Utilities

A monthly bill will be generated based on electricity me¬ter readings from within each apartment. Water supply and sewerage, for which residents will have their own contract with a supplier.

Event Fee

The event fee is calculated by reference to a percentage of the sale price. The percentage payable is 6%of the selling price in the first year of your ownership, 9% in year 2, 12%in year 3, 15% in year 4, 18% in year 5 and thereafter.

To gain more of an insight into what this looks like, we have provided some worked examples to show you in more detail, please see the Worked Example Sheet.

Bespoke illustrations can be provided for customers for any specific property, sale value and percentage change in value.

Disclaimer

We are committed to providing clear, accessible information and support for all prospective residents, including those who may be considered vulnerable. If you require this information in an alternative format or need additional assistance, please contact us.

We have taken every care to ensure the accuracy of this information, but you will need to refer to the legal documentation which, when made available, will cover in detail the rights and obligations of the parties, together with the commercial terms that will apply to our contracts.

We encourage you to discuss your housing options with your family and friends, and to seek independent legal, financial / benefits and any other appropriate advice, support, and representation, in connection with a move to an integrated retirement community. To help with a broader understanding of this independent retirement community, we have also added the Key Facts Sheet that gives a general overview of this community which you may find helpful.