HOW IS THE PROPERTY SOLD AND WHAT IS THE MANAGEMENT STRUCTURE?

The apartments are being sold on a 999 year lease. There will be a separate management company responsible for the upkeep of each building.

WHAT DO I NEED TO PURCHASE AN APARTMENT?

A deposit of £1000 is required to reserve the apartment, at this point you will need to instruct a solicitor. Following the reservation your solicitor will be forwarded a detailed information and legal documentation pack. Once this has been received you will be required to exchange contracts within 28 days. Upon exchange a10% deposit is required. There is nothing else to pay until completion. Contracts will be completed once the apartment is fit and ready for occupation.

Each purchaser is responsible for initiating their own mortgage if applicable, however, please feel free to contact Justin Lusher at Equitas Financial (UK) Ltd. on 01752 221188 for any mortgage guidance. Some mortgage lenders may require purchasers to provide more than 10% of the purchase price.

ARE THERE ANY FURTHER COSTS INVOLVED?

There will be an annual service charge to cover insurance, maintenance costs of communal areas and security. This will be administered by each building’s managing agent.

There will also be an annual ground rent of £250 p.a.

CAN I LET OUT THE APARTMENT?

Yes, this is allowable. Obviously any tenants or guests of yours are bound by the lease agreement.

OTHER QUESTIONS?

If you require any further information or have other questions, then please do not hesitate to contact Atwell Martin on 01752 202121 or Lang & Co on 01752 256000.