All you need to know - Riverstone Kensington S - Flipbook - Page 12
About the lease
All apartments are sold on a 150-year lease (or the time left on the lease for resales).
The lease is a legal document that clearly sets out the responsibilities of Riverstone, as
landlord, and you, as the property owner.
We have developed a structure that splits the costs you can expect to pay into three stages:
Riverstone sells its apartments on leases because we want to maintain a high standard
of services and protect the quality and safety of the estate and environment.
We strongly recommend that you ask your solicitor for advice about the terms of the
lease. It is very important they explain your responsibilities as the tenant under the lease.
Please ask our client advisers for a copy of the Lease Summary for more information.
Buying your apartment (Purchase Cost)
Living in your apartment (Membership Fee)
Selling your apartment (Deferred Fee)
We always aim to explain as clearly as possible the costs involved at each stage.
As with any investment we strongly recommend that you get independent financial
advice before you decide to buy a Riverstone apartment. You will also need to use a
solicitor when you buy an apartment from us.
Buying your apartment
You have to buy your apartment at the price that you agree with us.
You will pay a Reservation Fee once we agree the price and you have completed the
health and well-being assessment. The Good Care Group at Riverstone, our chosen
home care provider, will carry out the health and well-being assessment.
The Reservation Fee is £5,000.
If the sale does not go ahead, we will refund the Reservation Fee. However, we will
take off an amount to cover our reasonable costs and expenses which we incurred
progressing the sale. This might be up to the full value of the Reservation Fee.
When you sign the contract with us to buy the apartment you need to pay a 10% deposit
of the agreed price. The Reservation Fee counts towards this 10% deposit. Exchange of
contracts usually takes place up to eight weeks after payment of the Reservation Fee.
You will need to pay the balance of the agreed price on the day you buy the apartment.
The development is expected to complete in two phases, with the first phase, Coe House
expected in 2022 and Eliot House expected in 2023.