We are pleased to welcome to the market this SPACIOUS 1698 sqft (approximate) TWO/THREE BEDROOM APARTMENT with a private TERRACE. Grove Place is a beautiful RETIREMENT community set in the heart of Hampshire. Service Charges and Deferred Membership Fees Apply
Grove Place is a beautiful retirement community set in the heart of Hampshire. With elegant, sophisticated apartments, this very special community was shortlisted for Best Retirement Scheme 2013. Grove Place offers an exclusive lifestyle choice with devoted service and care.
Every detail has been carefully considered to ensure the experience of living at this exceptional retirement community is unsurpassed. Grove Place offers the unique proposition of your own spacious home within this striking Elizabethan estate.The crowning glory of this very special community is its location. A luxurious sanctuary nestled on the edge of the New Forest: Grove Place borders the picturesque Broadlands Estate and is just two miles from the charming market town of Romsey. With independent boutiques, cafés and restaurants there is always plenty to explore and enjoy.At the heart of Grove Place is a 16th Century, Grade 1 listed Manor House with a vibrant history. This magnificent building is surrounded by an impressive 27 acres of landscaped grounds, within which you will find many outstanding communal facilities, including a highclass restaurant, lounges, private swimming pool and 24-hour care.
Although the apartment is currently set up with two bedrooms with the original third bedroom being used as a dining room (with access opened through to the living room), the apartment can be easily reverted back to a three bedroom property.
Grove Place Key Financial Terms Part 1 of 6
Three core financial terms will apply when you join Grove Place Retirement Community: • The Purchase Price that you pay for your leasehold interest • The Service Charge • The Deferred Membership FeeTo make things simpler to understand, we have summarised these main terms below.1. PURCHASING YOUR APARTMENTYou will buy your apartment on a long 150-year lease (which started on 1 April 2009), at its market value, at the time of purchase.
Part 1 Continued.
2. SERVICE CHARGE AND CORE SERVICE TARIFFSYour service charge is set at a fixed amount and will not increase throughout your ownership. This way you can rest assured that you will not face any unexpected cost increases. To make this even more attractive, we also fix and cap key service tariffs for the duration of your time at Grove Place. These core service tariffs are; - • Domiciliary care charges • Housekeeping charges • Nursing home feesBy fixing your service charge and key service tariffs, you will not face any unexpected price increases so, all you need worry about is how best to enjoy your life. Separately, the level of service charge is increased each April to reflect the increase in RPI, and this determines the service charge for future leaseholders. Similarly, the core service tariffs are reviewed annually for future, incoming residents.
Grove Place Key Financial Terms Part 2 of 6
3. THE DEFERRED MEMBERSHIP FEEThe quality of the community is maintained through the fixed service charge and also by charging each Tenant a Deferred Membership Fee this is only payable when your apartment at Grove Place is sold. The Deferred Membership Fee structure enables us to offer a simple and affordable way for our residents to enjoy being part of their own exclusive retirement community.
Part 2 Continued.
With no annual ground rents or additional demands for any sinking fund, budgeting for monthly costs is simple and transparent, allowing you to enjoy being part of our retirement community without having to worry about increased costs. Under the terms of the lease, LifeCare Residences takes responsibility for the maintenance and modernisation of the buildings as required, ensuring all amenities are always maintained to the highest standards. As part of the sales process, during your initial meeting with our team, you will receive a Key Facts document and worked examples. We offer two options for the Deferred Membership Fee and you make your choice when you complete the purchase of your apartment:
Grove Place Key Financial Terms Part 3 of 6
Option One:When your apartment is sold at any point, you pay a Deferred Membership Fee on the amount you originally paid for your apartment. If the property is sold in Year One, this figure is 10% and if the property is sold in Year Two, it is 15%. If the property is sold in Year Three, or thereafter, the Deferred Membership Fee is 20%.You also share the total capital gain with LifeCare Residences equally on a 50/50 basis. In effect, we divide between us the amount gained in value from when you have bought it until you sell it.Option Two:With this second option, you pay a Deferred Membership Fee on the sale price of your property when you leave. If the property is sold in Year One, this figure is 10% and if the property is sold in Year Two, it is 20%. In Year Three, and thereafter, the Deferred Membership Fee will be 30%.
Grove Place Key Financial Terms Part 4 of 6
ADDITIONAL SERVICESAny additional services you may need are charged in accordance with a separate contract that we agree with you. The way we operate our retirement communities enables us to offer additional care and services on a flexible basis, only when you wish or need to have them, and always at reasonable prices.
Grove Place Key Financial Terms Part 5 of 6
OUR SALES AGENCYWe have our own internal specialist sales and marketing team. We are in the best position to handle the sale of your apartment due to our experience and in-depth understanding of the benefits and facilities of the retirement community. Under the terms of the lease, we have the exclusive right to market your apartment for you in the first six months, which will help you achieve the best price for the property within a reasonable time. A sales agency fee of 1.5% (plus VAT) is payable to Grove Place Village Limited for our services. To make the sales process successful, we promote the retirement community continually for the benefit of all residents. We also keep a list of prospective purchasers and hold open days and market the retirement community in other ways.
Grove Place Key Financial Terms Part 6 of 6
RESIDENT GUARANTEESFor absolute peace of mind, you can also be sure that, with LifeCare Residences as your agent, you are protected by our Resident Guarantees. We do everything we can to make retirement the best time of our residents lives in every way, without exception. We endorse this philosophy with four guarantees: • Changing Your Mind • Resale Protection • An End to Service Charges After Nine Months • Fixed CostsThe guarantees are covered in full in our brochure and on our website.We encourage you to take the time to review these core financial terms, and we recommend you consult your solicitor and family members, so you can make the decision that is most appropriate for you.Our fixed service charge and fixed service tariffs give you certainty over your regular outgoings.
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