Fees
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.
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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 2019/20 is as follows:
Cedar Lodge
1 bed: £126.79 per week (£6,629.46 per annum)
2 bed: £147.97 per week (£7,736.50 per annum)
Mulberry House
1 bed: £126.79 per week (£6,629.46 per annum)
2 bed: £147.97 per week (£7,736.50 per annum)
3 bed: £170.18 per week (£8,897.88 per annum)
Woodland View
1 bed: £132.01 per week (£6,902.22 per annum)
2 bed: £153.20 per week (£8,010.33 per annum)
3 bed: £175.39 per week (£9,170.65 per annum)
4 bed: £206.15 per week (£10,778.46 per annum)
Cottages
2 bed – £147.97 per week (£7,736.50 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 £553.50 annually and buildings insurance of £104 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 2018/19 the service charge went towards the cost of delivering a range of services including:
Village Services: the team that runs the village, providing the reception and activities team services, security and administration.
Running the swimming pool and leisure facilities such as bowls and croquet and upkeep of those areas
Access to the library, Berkshire Suite and Handy Room and their upkeep
Provision of Prescott’s Restaurant, Bar and Coffee Shop
Housekeeping – One hour’s support provided each week (until December 2019)
A range of exercise classes run by the Therapy team
A daily choice of activities, events or excursions
Upkeep of the minibus, including shuttles to local supermarkets and local attractions
24-hour emergency call system within the village: so you can call for help in an emergency via your personal pendant or fob, or via the pull-cord in your bathroom
Maintenance and upkeep of communal spaces
Lift servicing and repair
Gardening in communal areas: establishing and maintaining our shared gardens
External window cleaning: including the external windows of your properties
Communal lighting and heating
Handyman
Availability of therapy services
What is not included in the service charge
Your council tax and utilities bills
Contents insurance
Sky TV or other on-demand TV services
Broadband
TV licence (for people aged under 75)
Food and drink at Prescott’s
Therapy Services and some classes run by the Therapy team
Home Care Services
Laundry
Housekeeping Services
Certain activities, events, excursions and classes
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 2018/19. Prices correct as at 11th March 2019. All prices include VAT where applicable.
