The comments provided in this document are intended to give an overview of selected topics which, in the experience of Retirement Villages, have been raised by prospective purchasers at Roseland Parc and more generally at other villages within the Retirement Villages wider estate. Whilst the intention of the document is to provide clarification in respect of the topics covered, the terms of any legal documents to which prospective residents will be required to commit, as a condition of purchasing a property at Roseland Parc and residing there, will in every instance take precedence over any comment made in this Frequently Asked Questions document.
Last Updated: February 2021
A fee, called an assignment fee, is payable every time a property is re-sold. All properties sold by Retirement Villages are sold on a long leasehold basis and when the property is re-sold the lease on that property has to be “assigned” in the legal language, to the new owner, hence the expression “assignment fee”.
The assignment fee forms part of the original agreement when you purchase the property and is not charged in respect of any service(s) to be provided.
The fee varies from village to village (and may vary between properties) and may also vary depending on how long you have lived in your property. The fee can be up to 12.5% of the sales price of a property and Retirement Villages will provide you with worked examples of how this is calculated. Please be sure that you have been given and understand, the exact details for the particular property you may be interested in purchasing.
The terms of the Lease provide that an Assignment Fee is payable on each occasion that the property is sold and is calculated as a percentage of the sale price. Since the selling price of the properties will fluctuate over time it is not possible to know what the precise payment will be until a contract to sell is exchanged.
Service charges and the assignment fee can be substantial payments. It is therefore clearly important to understand how these fees are calculated and when they are payable and you are advised to obtain legal advice in this respect. Retirement Villages will not grant any new lease or assign an existing lease to anyone who is not legally represented.
Indeed, we recommend that you should seek independent advice, support and representation as appropriate with regards to a move to one of our Villages.
When you wish to sell the property you can offer it on the open market. Retirement Villages has its own in-house dedicated estate agency service offering a specialised sales and marketing service and will be pleased to offer its services to you for a fee to be agreed at the time. Alternatively, you may instruct another estate agent of your choosing if you wish.
A Company (Roseland Management Ltd) set up for the sole purpose of the management of the estate and buildings at Roseland Parc and arranging the services as set out in the Deed of Management.
The Deed of Management sets out the services and amenities arranged by the Management Company and provides for the payment of the Service Charge by residents in this respect.
The service charge varies according to the type of property.
For the current financial year (April 2021 to 31 March 2022) the current charges are:
Village Service Charge – Single Occupancy - £5,581 per annum
Village Service Charge – Double Occupancy - £5,881 per annum
These charges are prepared at least 3 months before the end of a financial year and are calculated using the actual expenditure to date, estimates of expenditure for the rest of the year and any known increases for the coming 12 month period. Any changes to the Service Charge will take effect from the start of the financial year.
The service charges and reserve fund that are in place are held in trust. The balance of the Reserve fund as of 31 December 2020 was £62,157.
A detailed presentation and consultation of the budget is made to the Financial Monitoring Group appointed by the Residents’ Association committee. If there are areas of the budget which are deemed either to be not satisfactory or to require further explanation or alteration, then a further presentation of the revised figures will be arranged.
In accordance with terms of the lease, the final proposed budget will be sent to all residents at least two months before the end of the current financial year. A written explanation of any significant changes will accompany this and the invitation given for residents to raise queries.
The Lifestyle Package is available to all residents at Roseland Parc and includes the following services at an additional cost.
These services can either be purchased all together or services can be purchased individually. Please ask a member of staff for more details and the current price list for these services.
The Service Charge covers all of the costs incurred in providing the services as set out in the Deed of Management. Briefly, amongst other things, these will include:
The Service Charge is variable and operates on a strictly “not for profit” basis, in accordance with the Housing Acts and therefore any future increases will only reflect any actual increased cost in providing the services. We will give at least 28 days’ advance notice of any change.
It is not possible to give predictions for this but, suffice to say, the company has considerable experience, gained over 20 years of managing its villages and is very conscious of the need to keep costs under control whilst continuing to give a quality service.
If there is an underspend at the year-end on the original budget, then any credit will either be returned to the residents, or will be put into the Reserve Fund. This will be discussed in detail with the Financial Monitoring Group during the end of year accounts meeting.
Depending on the specific lease, a Ground Rent will often be payable and may increase over time. Our Key Facts and Financial Implications documents, available from the Village Manager, provide full details.
There are some additional Management Fee charges which may apply from time to time. Details of these can be found within the Leaseholders Handbook.
As an illustration, we have calculated the annual costs for a typical property in Roseland Parc and we have also given an illustration of the potential costs on sale. These are available upon request.
External redecoration is the responsibility of the Management Company within a planned maintenance cycle. This is paid for from the service charges. Internal redecoration is the responsibility of the tenant at least every 5 years.
Subject to obtaining prior consent from the Landlord, minor internal alterations and improvements can be made,
However, when the lease is assigned, the Landlord reserves the right to restore the property to its original condition at the expense of the outgoing tenant. An administration fee of £90 inclusive of VAT is chargeable for approval and final inspection of the works.
Within the terms of the lease guests may stay with you for 28 days maximum at any one time. Please inform the office if any guests are staying.
En-suite guest rooms are also available within the Village at extremely reasonable prices.
Car parking is available within the Village on a “first come, first served” basis.
Yes they are. However, for obvious reasons it is essential that they are well trained and controlled.
As per the terms of the lease, residents are not permitted to sub-let their apartments.
Retirement Villages does not discriminate on the grounds of age, marital status, race, religion, sex, sexual orientation or disability and is committed to a policy of equal opportunities and diversity.
Our retirement villages are designed to provide an enjoyable and supported environment for older people living independently. So far as we are able, we will endeavour to accommodate residents in line with our diversity policy, but we will wish to be satisfied that prospective residents are able to live independently within a community which does not provide full nursing care.
Prospective purchasers will be asked to confirm that they are generally in good health. Purchasers who have specific health problems may be required to provide further information via their G.P. In ascertaining a person’s suitability in such a case, the Landlord will rely upon sound medical advice and this assessment will be made using the criteria laid down by the Association of British Insurers to assess the need for long-term care.
A member of staff is on duty 24 hours per day 7 days per week to provide an emergency call out support service within the Village. This strictly covers emergency first response only.
If you require additional care this can be discussed further and can be provided at an additional cost.
The concept of the village is ‘Independence in retirement’. However, the Company is able to assist in arranging care packages through an external provider when necessary on a private basis, at an additional cost. Residents can, of course, make their own arrangements with Social Services.
Where the situation deteriorates and independence diminishes to the point where permanent care is needed, then inevitably the resident themselves or their relatives will recognise that alternative living arrangements need to be made.
In the very rare circumstances of this not being recognised, and bearing in mind the best interests of other residents, the staff, and the resident themselves, then there is a covenant in the lease where the Landlord may give notice. It should be stressed that this is the very last resort and it is hoped, that matters such as this can be dealt with in a sensible and sympathetic manner by all parties.
Where a couple are occupying a property and one of them becomes unable to look after themselves, there is no need for alternative arrangements to be made, as long as the other party remains able to cope, with the assistance of outside agencies.
Roseland Parc has the additional benefit of having a nursing and residential care home on site.
There is a restaurant/function room, bar, swimming pool, hot tub, gym, hair and beauty salon, library with internet connections, and a village shop. A mini bus is also available for day trips and shopping.
The Village Manager and Activities Co-ordinator also organises social events and outings for residents to join in if they wish.
We encourage residents to form their own Residents’ Association and the Village Manager is available to attend the Residents Association Committee Meetings by invitation.
Under the terms of the Deed of Management, the Management Company provides each resident with a written estimated budget of the Service Charges for the coming year.
Prior to this being issued, the Village Manager meets with a Finance Monitoring Group appointed by the Residents’ Association, to discuss the proposed new budget and as far as possible to obtain agreement to it, having made available all the relevant figures and supporting information.
The Management Company will also provide to each resident, as soon as possible after the end of the financial year, a copy of the statement of accounts of the village, duly certified by a Chartered Accountant.