Below you’ll find some important information about how the property leases work at Bramshott Place, as well as details on what is included in the service charges. If you have any additional questions, please don’t hesitate to contact us.
- Service charges are the budgeted costs of providing the services, as prepared by the management company that will manage the running of each village. At each financial year-end a copy of a statement of accounts, certified by independent auditors, will be issued to each leaseholder.
Service charges provide funds to cover:
- Salaries for all staff including: village manager, reception and office staff, suitably qualified medical staff, maintenance supervisor, ground staff, domestic supervisor and assistants
- Weekly bed linen laundry service, plus a domestic assistant to each property for one hour per week
- Insurance policy to cover buildings insurance on each property, plus all communal buildings, their contents and equipment, together with employer’s and public liability insurance
- External maintenance, decoration and repair of all properties in the village
- Internal maintenance, decoration and repair of all communal buildings
- Upkeep and maintenance of all communal grounds, boundary fences etc
- Maintenance, repair and replacement of any plant or equipment
- Cleaning and maintaining communal refuse bins
- Service contracts for communal boilers, lifts, alarms and front gates
- Garden supplies
- External window cleaning of residential and commercial buildings
- Business rates in respect of the village shop, restaurant and office
- All gas, electric, water and sewerage charges in respect of communal areas and facilities
- Operation of village management offices and costs of recruiting staff
- Provision and maintenance of an emergency call-out system to each residential property, both on-site (in designated hours) and off-site (at all other times)
- Reasonable reserves against future capital expenditure requirements
- A Management Fee payable to the instructed managing agent, for providing services to the management company and overseeing the whole village.
- The lease on all properties is a term of 125 years
- Ground rent will be payable per annum, subject to rent reviews as per the lease
- On the sale of the property a resale fee is payable by the Assignee to the freeholder (developer/landlord)
- During years one to three the resale fee will be 5% of the property’s selling price; from year four to ten it will be 10% and from year ten to include all subsequent years it will 15%.
- The re-sale fee represents the landlord’s return on capital invested in the provision of the central amenities and facilities
Example Assumptions 3 year leasehold ownership 10 year leasehold ownership 15 year leasehold ownership Purchase Price £600,000 £600,000 £600,000 Average Annual Growth Rate 3% 3% 3% Resale Price £655,636 £806,350 £934,780 Assignment % 5% 10% 15% Assignment Fee £32,781.81 £80,634.98 £140,217.07 Capital Gain (Loss) £22,854 £125,715 £194,563
- On the sale of the property the lease is assignable to any qualifying person
WHAT’S NOT COVERED?
Residents’ individual gas, water, electricity and telephone rates and charges, contents insurance, council tax, TV license and satellite/cable subscription services