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Retirement Living Pricing

Understanding the details and what it will cost to live at Friary Meadow.

For high quality living and an enjoyable worry-free retirement, look no further than Friary Meadow – here are some of the important details.

Properties at Friary Meadow are sold leasehold with 999 year leases. We will charge a £1 ground rent. In addition to the cost of purchase there is a service charge and an ‘event fee’ when the property is resold. The event 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.

Our Retirement Property Prices

2 bedroom bungalows from £492,000

2 bedroom apartments from £392,000

3 bedroom houses from £620,000

Selling Your Current Property

Our local estate agent partners are standing by and ready to help you sell your current property efficiently and quickly: Taylor Hill and Bond

Part Exchange

Part exchange is also available from our part exchange partners. Call us for more information.

Mortgages

We have drafted our leases after taking advice from lenders so that various financial products will be available to assist your purchase. We do not give financial advice and you should seek your own independent advice before taking decisions about borrowing. We do not recommend any particular company although we can give you the names of Independent Financial Advisers and brokers who are familiar with Friary Meadow on request.

Service Charge

A monthly service charge will cover the cost of all onsite staff, building maintenance and insurance, repairs and cleaning to communal areas plus upkeep of the grounds, etc. It also includes 1.5 hours of service in your property which most people will use for cleaning or laundry. The current service charge for a 2 bed property is £6000 per year and for a 3 bed property £6300 per year.

Not for profit management company

The service charge is paid to Friary Meadow Limited which is a ‘not for profit’ management company.  When you buy a Friary Meadow property you’ll get a share in this company – giving you, and your neighbours, real control over how Friary Meadow is managed.

At the outset the directors of Friary Meadow Ltd have been appointed by the landlord, but once half the properties are sold four directors will be appointed by residents.

Event Fee

The event fee (totalling 3% of the value of the property when it is resold) covers the cost of selling your property. We will also pay the upfront cost of preparing the property for resale, to maximise its value, and will claim this sum back when you sell. When you reserve we will give you a print out of how much the Event Fee might be in the future.

Additional services

Car Parking spaces will cost £250 per year with the fee going towards the general maintenance of the village..

Additional services, such as personal care, catering or extra cleaning are available.  We aim to offer these services at a significant discount to the cost of similar services available from local agencies. Please ask for details.

Important

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. Our Fees and Savings sheet sets out clearly what is covered by the service charge and the cost of ‘Extra Care’ services you can buy from our on-site team. 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.

Cashback

 

Up to £10,000 cashback on completions from 1/10/21 to 31/12/21!

But that’s not all,  use one of our panel solicitors, and we’ll pay the bill for the legal fees on your purchase.

Contact us now – and ask how we can make moving easier, as well as helping with the cost.

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ABOUT US
OAK RETIREMENT

Oak Retirement Ltd delivers high quality, leasehold, Extra Care property for older people.

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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.

LINK TO OAK RETIREMENT

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