Service and well-being charge
All our Homeowners contribute monthly to a service and well-being charge to cover services such as:
- A table service restaurant with on-site chef offering freshly prepared meals
- Communal cleaning, estate management and upkeep of the landscaped gardens
- External window cleaning, including all individual apartments
- Water usage and buildings insurance
- 24-hour on-site support everyday, 365 days a year, in case of emergency, with a discreet emergency call system installed in each apartment
Our on-site management team contact all Homeowners daily to check on their well-being, liaise with family and professional services as required, facilitate social events and organise engaging activities.
2020/21 Monthly service & well-being charge (*approximate price)
- 1 bed £630*
- 2 bed £665*
- 3 bed £700*
It is important to point out that payment of the service and well-being charge 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. All care packages are drawn up in consultation with you, based upon a careful assessment of needs and regularly reviewed, including short term illness and recuperation packages. Costs are based on the level of need per person and will be provided in advance and charged at approximately
£21.00 per hour*.
While your own household expenditure should reduce when you move to The Folds, it’s important to remember that you’ll still be responsible for:
- Council Tax
- Your apartment electricity usage
- Contents Insurance
- Telephone line rental and broadband (where applicable)
- TV licence (where applicable)
The Folds offers extensive communal facilities which are at the heart of a thriving community. These include our Homeowners’ lounge, table service restaurant, coffee lounge, hairdressing salon, guest suite, staff rooms, management offices, and the mobility scooter and bicycle store, as well as landscaped gardens. We charge an annual ground rent to recoup the considerable costs of investing in these extensive facilities.
Annual ground rent fees
- 1 bed £900
- 2 bed £1,000
- 3 bed £1,200
The ground rent is due annually from 1st January and will be reviewed every year in line with the Retail Price Index.
In addition, to give Homeowners maximum flexibility, we have incorporated into our lease the option to buy out your ground rent at any time by giving the legal landlord written notice, and paying a fee of 40 x the annual ground rent at the time of the service of the notice, which will take effect from the 1st January the following year. For every year after that for the duration of the lease the rent will be “a peppercorn” (i.e. zero pounds).
If you wish to exercise this right upon your initial purchase, please let us and your solicitor know, and we can accommodate this from the outset for the cost of
40 x the initial ground rent set for your home (e.g. to buy out the ground rent at the outset for a one bedroom home would cost 40 x £900 = £36,000).
Building reserve fund
It is important that maintenance is kept to the highest standards for all to enjoy and to cover any major works, a fee of 0.25% of your sale price for each year, or part year, of occupation will be levied when you sell on your apartment.
The Building Reserve Fund will build up over time so that money is available to pay for capital costs as they occur, such as replacement lifts, restaurant kitchen equipment, the building roof and car park. This ensures the development is maintained to the same standard as when purchased.
As an example, based on a property value of £300,000 and over a 10 year period, the fund payable at that time will be £7,500.