For high quality living and an enjoyable worry-free retirement, look no further than Friary Meadow – here are some of the important details.
Apartments at Friary Meadow will be sold leasehold with 999 year leases. We will not be charging a ground rent. In addition to the cost of purchase there will be a service charge and a ‘transfer fee’ when the apartment is resold. The transfer fee and service charge are called ‘key terms’ in the lease so leaseholders have a legal obligation to pay them and it is important that you know how they work.
Bungalows from £485,000
Apartments from £375,000
3 bed houses and duplexes from £595,000
A monthly service charge will cover the estimated costs of all onsite staff, building maintenance and insurance, repairs and cleaning to communal areas plus upkeep of landscaping etc. It also includes 1.5 hours of service in your property which most people will use for cleaning or laundry. The service charge for a 2 bed property will be £6000 per year and for a 3 bed property £6300 per year.
The transfer fee (approx. 5% of the property value) covers the cost of renovating the apartment for a new owner, future building maintenance necessary to maintain the value of the apartments and the cost of selling your property so you don’t need to employ an estate agent. We will provide you with a worked example of the transfer fee showing how much it might be as this depends on how property prices change between your purchase and resale.
Car Parking spaces will cost £250 per year.
There will be no ground rent at Friary Meadow.
Additional services, such as personal care, catering or extra cleaning will be available. It is our intention that these services will be offered at a significant discount to the cost of similar services available from local agencies. Please ask for details.
If you are downsizing, the cost of services provided through the service charge and by purchasing services from our on-site team will usually be significantly lower than you are paying currently. It is important that you assess these charges carefully and fully understand them. All of these charges will be set out clearly, along with details of what services you can expect for these payments, before you decide to buy. Nevertheless we strongly advise that you discuss these charges with your solicitor during the purchase process and ensure you fully understand both your commitments and our responsibilities to you.
Oak Retirement Ltd delivers high quality, leasehold, Extra Care property for older people.
Led by the company’s founder Dr Stephen Ladyman, the Extra Care housing offered by Oak Retirement combines purpose-built housing for older people with onsite flexible care that adapts to each owner’s changing needs.
At Oak Retirement we believe that older people want to maintain their independence for as long as possible and in the properties that we manage and develop they will be able to achieve this.