A proposed development of luxury retirement apartments exclusively for the over 55's.View Apartments
A select collection of 1, 2 and 3 bedroom apartments for sale most with balconies or patios and many with en-suite shower rooms. The development will offer an independent lifestyle with tailored care and support available should it be needed, all in a safe and secure environment designed specifically for later living.
Exclusively for the over 55s.
Service and Well-Being Charges
All residents living at Compton Mill, Leek will contribute to Service and Well-Being Charges. The high level of care, support and services on offer to enhance quality and enjoyment of life are what make Adlington different. These charges are to provide services such as communal cleaning and maintenance, external window cleaning, water and sewage, buildings insurance and estate management. They also enable our management company to have someone on duty 24-hours every day in case of any emergency, working in tandem with a discreet emergency call system installed in each apartment and include the provision of a daily restaurant service which enables homeowners to enjoy a delicious three course meal at a nominal cost of approximately £3.50 per person.
Our management company takes great pride in providing a very high standard of service including making daily contact with all homeowners, checking on their well-being and liaising with family and professionals if necessary. They consult with residents on all aspects of the operations of the development and facilitate numerous social events and activities that can be participated in as much or as little as required.
You no longer have to take into consideration the ongoing costs of upkeep and maintenance of your current property, grounds and gardens. As well as owning a modern stylish apartment built to high specification it is also well insulated and cost effective to heat.
Service and Well-Being Charges at Compton Mill, Leek are not yet available
It is important to point out that payment of the Service and Well-Being Charges has to continue even if the apartment is vacant, as it is proportioned between all homeowners in order to maintain the high standard of service.
Additional care packages can be designed to suit your individual requirements to supplement the Well-Being Service. All care packages are drawn up in consultation with you, based upon a careful assessment of your needs and regularly reviewed. Short term illness and recuperation packages can be tailored to individual requirements where required.
As you would expect in your own home other household expenditures will remain as the homeowner’s responsibility. These typically include:
Ground rent is the Freeholder’s charge for land on which leasehold buildings stand. Because Adlington developments include more communal facilities than in conventional mainstream apartments, such as a lounge, restaurant and commercial kitchen, the hairdressing salon, the guest suite etc. The Freeholder retains a substantial investment in a proportion of the development. These facilities are not saleable as they are retained for use of all homeowners.
The ground rent applicable is based on the size of the apartment as follows:
1 bedroom – to be confirmed
1 bedroom deluxe – to be confirmed
2 bedroom – to be confirmed
3 bedroom – to be confirmed
The ground rent is due annually but can be paid monthly to help with budgeting and will be reviewed every year in line with the Retail Price Index (with a minimum increase of 1% and a maximum of 4%)
It is possible to defer payment of the annual ground rent until vacation of the apartment however this will be subject to interest at a rate of 3% over the Bank of England base rate on the outstanding balance.
Contingency Fund (otherwise know as a ‘sinking fund’)
While the day to day maintenance of the buildings and facilities is covered by the Service Charge, which is kept as low as possible to leave homeowners with maximum disposable income, major capital costs and refurbishment are not included in the Service Charge.
It is important that maintenance is kept to the highest standards for all to enjoy, and to cover any major works a fee of 1/2 % of your sale price for each year of occupation will be levied when you sell your apartment on.
This Contingency Fund will build up over time so that money is available to pay for major repairs and replacements as they occur e.g. replacement lifts, restaurant kitchen equipment, the building’s roof and car park etc.
The money in this fund can only be used on the building, ensuring your apartments value in coming years is in a development which will continue to look good, be up to date and properly maintained for all homeowners benefit. The fund is ring-fenced and protected by being held in a separate account by the management company.
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