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 125 year leases. In addition to the cost of purchase there will be some recurring charges such as ground rent, a service charge and a ‘transfer fee’ when the apartment is resold. The transfer charge 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.
A separate price list showing the purchase price, service charge and ground rent for every apartment is available. From time to time we have special ‘incentive’ packages available on some apartments and we always have a package of help available to make moving easier and cheaper. Give us a call to find out about current offers.
A monthly service charge will cover the estimated costs of onsite staff, building maintenance and insurance, repairs and cleaning to communal areas plus upkeep of landscaping etc. The service charge will vary slightly depending on the size and location of your property.
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. In addition, 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.
We will also set out the cost of any additional services that you might choose to purchase from the on-site team, such as help in your apartment. It is our intention that these services will be offered at a 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.