6 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 account 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 (Ledian Farm) Ltd may be willing to accrue service charges until the property is sold. A copy of a typical service charge account can be obtained from the village adviser.

At Ledian Garden, 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 cap can be increased on 1 January each year by up to the greater of October CPI (Consumer Prices Index) and Annual Earnings.

The service charge will be £9,900 per year (£10,538 for double-occupancy) divided into monthly payments, £825.00 pcm (£878.17 for double-occupancy).

Ground rent

If the resale property was purchased before April 1st 2023 then ground rent may apply to your property, our sales teams will be able to provide you with that information and a complete calculation on what that means in terms of monthly expenditure.

If the resale property was purchased after April 1st 2023, there is a nominal ‘peppercorn’ rent (if demanded). In effect, no ground rent is payable.

Utilities

Electricity is charged direct from your provider of choice. Heating and hot water charges billed monthly to each apartment by the management company. 

Event Fee

Phase 1

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 18% thereafter.

Phase 2

The event fee is calculated by reference to a percentage of the sale price. The percentage payable is 8%of the selling price in the first year of your ownership, 12% in year 2, 16%in year 3, 20% in year 4, 24% in year 5 and 24% 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.