EVENT FEEStratton Court
What is An Event Fee?
COMMONLY KNOW AS AN ‘DEFERRED MEMBERSHIP
We believe that you should have peace of mind with regard to the level of service charges you will have to pay each year. The Event Fee (which is also known as an exit fee, deferred membership and transfer fees) allows us to have a fixed monthly service charge which is currently £584.42 for a 1 bedroom to £651.85 for a 2+ bedrooms), which is only reviewed annually by reference to changes in the Consumer Price Index (CPI). This allows all residents to have a stable and consistent budget and there are no worries for the village dreading a sudden astronomical increase in fees.
The major works, which are not factored into the monthly service charge, could include:
- Extensive structural repairs
- Re-roofing of properties
- Resurfacing roads and pavements
- Re-wiring communal facilities
- Renewing of service supply
An Event Fee is a percentage-based contribution, applied as and when your property is sold to pay for these major works. This is capped at 10% for all properties at Stratton Court Village and starts at 1%. This then rises 1% per year until 10% where the event fee is then capped. The fees are built up from contributions made from the sale of each property to pay for the more significant repairs. This method ensures that everyone who lives in an Apartment can do so knowing that there will always be sufficient funds available for major structural works.
Get in Touch
WITH OUR KNOWLEDGEABLE TEAM
Whether you would like to arrange a visit, or simply ask a question, a member of our knowledgeable team will be happy to help.
Benefits of The Event Fee
UNDERSTANDING OUR FEES
Fixed services charges for the duaration of your time at Stratton Court.
High standards of repair to the Village when required.
How is The Event Fee Calculated?
DEFERRED MEMBERSHIP CALCULATOR
The fee is payable on sale of the apartment (including a sale back to the landlord or a transfer to a family member). In addition, depending on the circumstances, a fee may also be payable where there is a change of occupancy. The actual percentage fee payable on sale is 1% of the market value of the property up to year 1, and goes up by 1% every year. This fee is capped however after year 9 at 10% and will not increase.