All you need to know - Riverstone Kensington S - Flipbook - Page 20
The worked examples below are for a property with a sale price of £1,700,000. These show
how the Deferred Fee will vary depending on how long you own your apartment:
• If sold after 2 years: Deferred Fee = £136,000
(£1,700,000 x 8% (2 x 4%))
• If sold after 2 years and 91 days: Deferred Fee = £152,953
(£1,700,000 x 8.99% (2 x 4% + 91/365 x 4%))
• If sold after 8 years: Deferred Fee = £476,000
(£1,700,000 x 28% (7 x 4%))
• If sold after 9 years: Deferred Fee = £476,000
(£1,700,000 x 28% (7 x 4%) – cap applied)
What does the Deferred Fee cover?
The Deferred Fee:
• Covers the cost of providing, maintaining, repairing and, where we believe is
necessary, improving the building and the wide-ranging communal amenities
• Covers payments we make to The Good Care Group at Riverstone. This allows them
to provide a best-in-class home care service at our Riverstone locations under the
partnership we have with them
• Allows Riverstone to fix the annual Membership Fee. We do this so we can give
residents complete peace of mind that their fees won’t increase whilst they own an
apartment. This is true even if our operating costs increase
Riverstone will keep part of the Deferred Fee as a return on our investment.
Riverstone strongly recommends that you get independent financial advice. You need
to take into account your individual circumstances and your financial needs before
you decide to buy an apartment at Riverstone.
What are the ongoing charges?
You have to keep paying the Membership Fee until the apartment is sold, even if you’re
not living in it. You or your representatives have to pay any unpaid Membership Fees
when you sell your apartment.
You also need to pay for your solicitor’s sale fees and any removal costs.
Do I have to redecorate or refurbish when I sell?
You need to redecorate the apartment in the 12 months before you sell it but you don’t
have to refurbish it (e.g. replacing bathrooms and kitchens). We can arrange this if
you and Riverstone agree on the price and type of works to increase sale value. If you
wanted to refurbish you would pay for it, but we might consider making a contribution
towards the refurbishment costs. If we did, we would not charge interest but would collect
the contribution out of the money you receive when you sell your apartment.
What are the estate agency fees?
When it comes to you or your representatives wanting to sell your apartment, it is your
decision who you use as sales agent.
You might wish to use our experienced sales team as sales agent when selling your
property. They have all the knowledge and experience of Riverstone Kensington. We’re
happy to work as sales agent alone or alongside your own choice of sales agent. We will
always charge a fee of 1.25% plus VAT, whichever route you choose. However, if you want
to use another sales agent alongside us, then you will need to agree a separate fee with
them. We do not allow more than two agents to be appointed on the sale of your property.
You can also use a single agent of your choice, completely independently of Riverstone.
If you don’t use Riverstone as sales agent, you still need to pay the Administration Fee of
£550 plus VAT.