associated feesStratton Court
What Fees Do I Need to Pay?
When considering buying a retirement apartment, it is important to consider the associated fees that such commitment comes with. For those who are new to their retirement property search, it can be quite daunting at first glance to see that you be paying for more than just the purchase price of your property.
Below is a full explaination of the costs that are to be paid to Stratton Court whilst you are living in the Village. If you would like more detailed information regarding any of our fees, please do not hesitate to contact our team.
Village fees payable:
- Service Charge from £584.42 for a 1 bedroom to £651.85 for a 2+ bedroom, raised annually inline with Consumer Price Index
- Car parking (if required) – £250 per car per annum
- Ground rent – £505 per annum
If you are leaving the village:
- Event fees – 1% per year spent living at Stratton Court Village and capped at 10%
Fees not included:
- Electricity and gas (provided by the village at a reduced rate)
- Council tax
- Internet (WIFI in the communal areas is included in the service charge)
- Food & drink at the Kensington Restaurant (members discounted rates)
Monthly Service Charge
one fixed cost monthly invoice
We understand the worries associated with financial security when planning for your future. For many people the idea of a monthly service is a completely new concept and not something which has ever been considered in the past which could raise financial concerns.
At Stratton Court we are proud to offer all of our residents a fixed monthly service charge, allowing you to plan ahead without any hidden suprises. From the moment you purchase your retirement property, your service charge will remain the same until you decide to sell. The only slight variation in service charge fees will be in line with the Consumer Price Index % figure supplied by the ONS annually. If there is a slight increase in CPI, there will be a slight increase to your service charge. If there is a slight decrease in CPI, there will be a slight decrease to your service charge.
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.
What Does Your Service
please get in touch for further information
CCTV systems around village
External window cleaning
Servicing of lifts
Regular removal of rubbish
24/7 emergency call monitoring
Water and sewerage
Staffed Reception (Mon - Sun, 9am-5pm)
In addition, other services will be available from time to time, which are provided at the sole discretion of the management company.
Examples of what these additional services may include:
Private rooms and cinema
Preferential members menus
1 hour per month of domestic services
Employment of a village manager
Aura private minibus service
ground rent & secure parking
Like many other leasehold schemes, Ground Rent is payable annually and will be reviewed in line with CPI every 10 years (next review is 1 January 2027) and on each successive 10 year anniversary of that date.
An optional fee at the discretion of new residents is the annual fee for our secure underground carparking space. Fully equipped with CCTV to ensure your vehicle is kept out of the elements, safely tucked away.
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.
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.