The first and most important point to make about the financial implications of moving to an Audley retirement village is that, of course, you continue to own your home, retaining what is probably your most valuable asset, so that you can pass it on to your children one day if you wish.
Audley retirement properties are sold on a leasehold basis, which means you are able to enjoy the benefits of property ownership without many of the associated burdens.
Making finances simple and stress-free
Our fee charges ensure that all the costs of running an Audley village are met. This includes ongoing costs such as maintaining the exterior of your home, your building insurance, your Audley Club membership, providing discreet but effective security, maintaining the village and the village grounds, as well as fees associated with managing and operating Audley Court Ltd. Additionally at some point in the future, expensive structural repairs or improvements will become necessary, for instance, resurfacing roadways and pathways or reroofing properties.
To relieve you of these concerns, we need to collect 2 types of fee to ensure we have sufficient funds to cover all the ongoing costs of running the village and the expense of any major works required.
Please note that ground rent is not charged on new properties but may remain payable on pre-owned properties at the rate set out in the relevant lease.
A monthly payment
Every month you will receive a single invoice. This monthly fee varies a little from one Audley Retirement village to another, depending on the location. One important thing to note: Audley owners have our firm undertaking that their monthly management fee will increase only once a year, on 1st March, based upon the previous December Retail Price Index % figure supplied by the ONS or in line with the Annual Earnings index, whichever is the highest. So you can be secure in the knowledge that there are no large unexpected price rises lying in wait for you.
We give owners at least a month’s notice of the RPI or Annual Earnings Index (whichever is the highest) percentage increase for the following year.
There are other monthly payment options available at some villages and these will be discussed during your visit.
Our deferred management charge
As well as the monthly management fee, a deferred management charge is payable from the sale of your home, or change of occupier. This, together with the monthly management fee, ensures that everyone who lives in an Audley village can do so knowing there will always be sufficient funds to carry out any works, maintain the continued high standard of the village and ensure that each property has the ability to increase its value within the housing market. We consider that the deferred management charge is the most cost-effective and efficient method to cover expenditure and, over the long term, this may work out at lower cumulative costs than some people may pay for upkeep and major works on their own family home.
How much will you pay? You don’t pay anything until you sell your property; you contribute a percentage of the greater of the achieved market price or agreed valuation of the property per year or part-year of occupation before receiving the proceeds.
As a property owner in an Audley Village you will be able to take advantage of many services and benefits all included with this management fee. These include:
Onsite Village Manager and Audley Care teams
Firstline home carers and call line service 24 hours a day, seven days a week
Audley Club membership including access to onsite fitness studio and classes, sauna and relaxation area, as well as an owner’s lounge and library.
Personal training and nutritional advice available at an additional cost.
Discount on treatments at our hairdressing salons, beauty salons and physiotherapists located in the main house where available.
Guests Suite usage at all Audley Villages at a reduced rate with breakfast included. Also available for friends and family wanting to visit*
Private dining room available for special events, including personalised menu*
Access to the Audley Pantry, our own pop up convenience store
Room service - Food & drink delivery to apartments
Preferential rates in the restaurant
An exclusive food & drink menu for owners in the restaurant and bistro
Social events and activities, including weekly coffee mornings
External upkeep of your home
External window cleaning
Servicing of CCTV, emergency call system, intruder and smoke alarms
Minibus service – including regular trips to local shops, attractions and theatres
Night Porter and security service
Favourable utility costs
Professional garden and ground maintenance
Access to landscaped grounds and outdoor activities
Technology support, including a dedicated phone line service
Financial support services
Exclusive offers with retailers and local businesses
Fees associated with managing and operating Audley Court Ltd
*Subject to availability. Advanced booking required.
What isn’t included in your fees
Of course, because the house you live in is owned by you, you are responsible for the water and energy bills associated with your home as well as the council tax, television licence and home contents insurance. To find out more about specific costs in one of our Audley villages, please contact us.
Services and facilities offered and mentioned are as of 2018 and may change in the future. Please refer to your lease for more information.
When you come to sell your home, our staff will ensure every effort is made to complete the sale as quickly and as efficiently as possible. On all resales Audley will charge a sale administration fee of 1% of the greater of the achieved market price or agreed valuation. This covers the costs that Audley incurs in administering sales and explaining the Audley retirement living concept to prospective buyers.
How do you sell?
There are two options to be able to sell your property.
You can instruct a traditional estate agent. Any fees charged by the agent would be negotiated by yourself or your representative.
Alternatively you can instruct us to market your property to our database and waiting lists. This way, you know that the people being targeted are already aware of Audley and the retirement living concept. Our sales agency fee will be 2% of the sales value achieved
What the sales agency fee covers
The services we provide for the additional sales agency fee will include:
Receiving and validating enquiries from prospective purchasers
Arranging appointments to view
Conduct comprehensive viewings of your property as well as a tour of our facilities
Detailed explanation of our services and offerings including the club facilities and associated activities
Full explanation of the homecare care services available
Assessments of prospective purchasers health & well-being
Agreement and provision of appropriate homecare packages – where applicable
Full explanation of the terms of the lease
Instruction to our solicitors to answer purchasers solicitors questions
Progression of the sales from reservation to completion
Assistance from our staff with regards to packing, removals, utility transfers etc.
At any point during the sale process, should you wish to switch from us to an agent, that is entirely your prerogative and choice which we will respect. Please note that the sales administration fee will remain payable in these circumstances, as this covers the costs that we incur in all resales.
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