This page summarises the reservation fee payable when purchasing a property at Lynwood Village and the charges applicable to all residents while living at Lynwood Village.

Reservation Fee

To secure a property at Lynwood Village we would require a reservation deposit of £2,000. If the purchase is cancelled prior to exchange of contracts we shall refund the reservation fee minus any deductions needed to cover our reasonable costs (e.g. if we have incurred solicitors’ fees), up to a maximum of the full fee.

Exchange of contracts

We would expect you to exchange contracts and pay a 10% of the property value within twelve weeks of reservation.

Service Charge

Your service charge is the monthly fee that enables a wide range of facilities and amenities to be available on your doorstep. Every household in the village pays the service charge, which varies depending on the type of property you own. The service charge for 2018/19 is as follows:

Cedar Lodge
1 bed – £124 per week (£6,467.77 per annum)
2 bed – £145 per week (£7,547.81 per annum)

Mulberry House
1 bed – £124 per week (£6,467.77 per annum)
2 bed – £145 per week (£7,547.81 per annum)
3 bed – £166 per week (£8,680.86 per annum)

Woodland View
1 bed – £129 per week (£6,733.88 per annum)
2 bed – £150 per week (£7,814.96 per annum)
3 bed – £172 per week (£8,946.98 per annum)
4 bed – £202 per week (£10,515.58 per annum)

Cottages
2 bed – £145 per week (£7,547.81 per annum)

The service charge changes on 1st April each year in line with the previous Retail Price Index. We notify residents of the new charge in March each year. On a five year basis the service charge can be reviewed upwards and, based on actual costs, may increase. Residents also pay ground rent of £540 annually and buildings insurance of £75 per year.

Deferred Payment

All retirement villages charge a deferred payment when properties are sold. These are sometimes called Management Fees, Exit Fees or Event Charges. The amount charged varies according to the provider. This money is held in a fund to cover common long-term property renewal costs of the building and estate; for example repair, renovation or refurbishment, when required.

The deferred payment at Lynwood Village is 1% per year or part year, capped at 10 years or 10%.

For example, if you lived in your property for six years and seven months and it sold for £600,000, a sum of 7% of the property value, £42,000, would be payable on sale, leaving net proceeds from the sale of £558,000. Additional charges (e.g. legal fees, estate agent fees, arrears and redecoration costs) may also be payable from the net proceeds.

Major property works and long term property renewal costs (e.g. replacement roof) will be funded by these payments. It is expected that these payments will cover such costs over the full life of the lease without asking residents to contribute to their cost while they are still living there. The charity has placed deferred fees received in a designated fund to cover village costs. The fund is not held as a formal trust fund.

What the Lynwood Village service charge goes towards

In 2017/18 the service charge went towards the cost of delivering a range of services including:

What is not included in the service charge

Please note that services are subject to change and may vary from the list above. This list reflects what the service charge went towards in 2017/18. Prices correct as at 1st October 2018. All prices include VAT where applicable.