Braye Gardens

LEASEHOLD TENURE OF THE APARTMENTS

At Braye Gardens the emphasis is on living well with independence and peace of mind. Forming part of a brand-new purpose-built community for residents aged 55 years and over, these well-located high-spec homes offer convenience and practicality with a sense of privacy and independence centred around beautiful, landscaped grounds. When you move to Braye Gardens, you’ll be completely independent in your own private property. Each apartment in Phase 4 benefits from being entirely lateral with full lift access to all floors. There is dedicated parking for each home in addition to guest spaces for your family and friends to visit. At the heart of the community is a communal meeting space for all residents to share experiences and activities with like-minded residents.

BRAYE GARDENS, A NEW LEASE ON LIFE FOR RESIDENTS AGED 55 YEARS AND OVER

“Braye Gardens has the right sort of balance – living here you are totally independent but have a community of like-minded people around you.”

LEASEHOLD TENURE OF THE APARTMENTS

The apartments are offered for sale on 140-year leases. Leasehold is the preferred tenure for developments such as this, where property management services are provided and restrictions on occupation apply - which in this case require that all residents must be aged 55 or over.

An advantage of leases in Guernsey is that no Conveyancing Court formalities apply and so no Stamp Duty is payable on the original lease or any subsequent assignment. Long-term leases are not widely utilised in Guernsey because leasehold property cannot be offered as mortgage security, so their use is generally restricted to older people’s housing.

The apartment is owned by you, and you do not need to ask permission to sell it. However, under the terms of the lease, you do require written approval from the landlord to assign the lease, should you wish to sell or rent your apartment (this is to ensure that the new owner or occupier agrees to abide by the same terms as the existing residents).

BASIS OF LEASE

The fundamental provisions of the lease are as follows:

Residents must be at least 55 years old (other than guests – see below);

· The lease is assignable.

· The apartment can be sub-let provided the occupiers are aged 55+.

· A monthly service charge is payable to cover the actual costs of running and maintaining the development (see below for items included in the service charge), but initially a reduced charge will apply until practical completion of the development.

· A sinking fund will be maintained to spread the cost of major repairs.

· The service charge expenditure will be independently audited, and the service charge funds held in a designated bank account with any interest earned being applied to reduce the service charge costs.

· A rent of £50 per month is payable to the company to contribute to its office/administration costs involved in running and maintaining the development, which are not included in the service charge.

· Owners are responsible for the internal maintenance and decoration of their apartment.

· Owners pay for their own electricity, water and wastewater disposal charges, telephone, internet, television licence, Sky subscription, contents insurance and any other outgoings not specified in the service charge.

· The lease includes the right to exclusive use of one car parking space.

· An annual owners’ meeting is held to discuss the service charge expenditure and any other matters arising.

The development has been designed and constructed to exceed the latest Building Regulation standards. To protect the integrity of the buildings - especially with regards to acoustic, thermal and fire insulation - the lease defines the apartment as only extending to the plaster skim and decoration on the walls and ceilings and the floor coverings. This has been done in the best interests of the development and should be beneficial to occupiers over time; it should not restrict the use or enjoyment of the apartments. The company can authorise works to the structure surrounding apartments.

FAQs

ESTATE PLANNING/INHERITANCE

WHAT HAPPENS IF I PASS AWAY WHILST OWNING A RETIREMENT APARTMENT?

The apartment will become an asset owned by your estate. It will pass to whoever it was bequeathed to in your will of personalty. They are free to sell it as soon as Probate is granted.

CAN MY FAMILY BUY THE RETIREMENT APARTMENT FOR ME?

Yes. Anyone can own one of our apartments but only those over 55 can live in the apartment.

CAN I GET A MORTGAGE TO BUY A RETIREMENT APARTMENT?

It is not possible to grant a bond over a leasehold apartment at this time, and so any mortgage borrowing would need to be secured against other assets, if required.

WHAT HAPPENS TO THE VALUE OF MY UNIT IF THE MARKET RISES IN VALUE?

The units at Braye Gardens work alongside the property market - if the market rises, then the profit can be attributed to the Leaseholder when sold as it would for a Freehold property. Please note, the property market can fluctuate in either direction.

SERVICE CHARGE

The policy is one of complete transparency around costs. In many cases, service charges are lower than like-for-like costs in a purchaser’s previous property, so homeowners rarely have difficulties with ongoing costs. Also heating costs are often lower due to the modern construction methods and the more manageable size of the new apartment. Service charges cover the day-to-day costs of maintenance within the development, such as the heating and cleaning of communal areas, buildings insurance and exterior redecoration.

The service charge is calculated on the actual costs incurred for each calendar year, which can only be determined once the year has ended. A monthly payment on account is made based on the estimated costs and, if there are major unforeseen variations, a balancing charge will be made, or refund given once the actual figures have been determined. In practice, the difference between the estimated and actual costs should normally only be small in which case the amount provided for future major repairs through the sinking fund will be adjusted up or down to offset this difference, and so usually there will not be any balancing charge or refund. A further rent of £50 per month (subject to RPI indexation) is payable to the company to contribute to its office/administration costs involved in running and maintaining the development, which are not included in the service charge.

Based on 2020 costs, and allowing for RPI indexation thereafter, the standard service charge is estimated to be £270 per month (£243 for one-bedroom units and £297 for the larger units). An estimate of the service costs is available on request. However, as not all facilities will be available initially, the full service charge will not commence until the development is complete. Until then, owners will pay a fixed amount of £150 per month for standard units (£135 for one-bedroom units and £165 for the larger units), with the development company paying all service charge costs and receiving the fixed amounts.

CAN I RENT OUT MY BRAYE GARDENS PROPERTY?

If you are a homeowner or have inherited a Braye Gardens property, it is possible to privately rent your apartment providing the occupant meets the age requirements of the development. You will still be responsible for the service charge and rent on the apartment.

CAN I DECORATE MY PROPERTY WITHIN BRAYE GARDENS?

Yes. You may decorate your apartment internally how you like once you have purchased it. Please note there are restrictions on floor finishes for first-floor units to protect noise disturbance to ground-floor units. You are not able to paint or change any exterior finishes or within the communal areas such as hallways, which are the responsibility of the management company and paid for through the service charge.

HOW MUCH WILL MY APARTMENT IN BRAYE GARDENS COST TO HEAT?

Due to the high quality of construction and insulation, Braye Gardens will offer cost-effective heating. This is an enormous benefit to all residents, particularly given the rise in energy costs in recent years.

CAN I HAVE SKY TV IN MY APARTMENT?

There is a communal Sky dish for any resident to connect to. 

DOES BRAYE GARDENS HAVE A FIBRE INTERNET CONNECTION?

As of summer 2023, high-speed Fibre connectivity is in the process of being installed at Braye Gardens. Further details available upon request.

OVERNIGHT GUESTS

To avoid potential undermining of the minimum age and occupation criteria, the following restrictions apply for guests staying overnight in an apartment:

· No guest may stay for more than 14 consecutive nights.

· No more than 28 nights in aggregate for any one guest in any calendar year; and

· No more than 100 nights in aggregate for all guests in any calendar year.

This is intended to strike a reasonable balance for most circumstances, but the management company is able to give permission for additional nights where appropriate.

WHAT ARE THE SAVINGS ON DOCUMENT DUTY BY CHOOSING A LEASEHOLD PROPERTY IN GUERNSEY?

£350,000 APARTMENT Saving of £8,818.75 for a principal private residence. This is based on a realty value of £341,250.00 (97.5% of the purchase price) + Court and Greffe Fees approx. £265. As of July 2023.

£450,000 APARTMENT Saving of £12,690.00 for a principal private residence. This is based on a realty value of £438,750.00 (97.5% of the purchase price) + Court and Greffe Fees approx. £265. As of July 2023.

£500,000 APARTMENT Saving of £14,375.00 for a principal private residence. This is based on a realty value of £487,500.00 (97.5% of the purchase price) + Court and Greffe Fees approx. £265. As of July 2023.

INDEPENDENT LIVING & COMMUNITY SPIRIT

Braye Gardens offers a great community spirit if desired. For many, making friends in later life can prove challenging. When you move to Braye Gardens, you’ll be part of a new community – and if you wish, many of your neighbours may soon become good friends. Equally, those who prefer their own company can enjoy the privacy of their home, specifically targeted at the retired and retiring population.

Carefully conceived to offer a new community where residents can live entirely independently, these well-located high-spec homes offer convenience and practicality with a sense of privacy and independence centred around beautiful, landscaped grounds.

At the heart of the community is 'The Garden Room’, a communal meeting space for all residents to share experiences and activities with like-minded neighbours. To be completed in the latter part of 2023, The Garden Room will be the venue for the annual residents’ meetings with the management company, but will primarily be available for residents to use on a day-to-day basis as they best see fit. This might range from informal gatherings of residents on an ad-hoc basis, to booking out the facilities for a family celebration. A fully fitted kitchen and a range of furnishings will be available to suit the different uses to which residents will likely put this facility. The emphasis will be on ease of use and absence of fuss, with any “rules and regulations” being kept to a minimum while ensuring that the maximum use and enjoyment can be derived for all from this lovely setting.

CYCLE & ELECTRIC CAR PROVISION

Braye Gardens includes a secure bicycle storage room where residents can reserve a space with prior agreement. Available on a first-come-first-served basis, the spaces are strictly for residents only.

Initially, two electric car charging points have been included for the strict use of residents only. The spaces are not available for the use of visiting guests. The spaces may only be occupied during charging periods and cars must not be left for longer than two-hour intervals, to allow a rotation of usage for all residents with electric cars. At present, (as of August 2023) the cost of charging is included within the service charge expenses.

WILL I OWN MY PROPERTY?

Yes. You will acquire your property on a leasehold basis. It is your own home, meaning you continue to benefit from the investment in a property of your own. You can choose to sell the property at any point after you move in.

ARE THE UNITS WHEELCHAIR FRIENDLY?

The units within Braye Gardens have been constructed with mobility in mind. Each unit benefits from ease of access and nearly all first-floor units have lifts that will accommodate a wheelchair. Once within the units, the showers have also been designed to offer ease of access.

AM I ALLOWED TO HAVE A PET WITHIN BRAYE GARDENS?

The lease stipulates that pets are not allowed within the development.

DO I NEED TO PAY INSURANCE?

Buildings insurance is included in your service charges, but you will need to organise and pay for your own contents insurance.

WHICH BILLS ARE MY RESPONSIBILITY?

You will have to pay for the electricity, water and telephone/broadband services you use in your own apartment, but the property rates (TRP and parochial) and refuse charges, including bin stickers, are paid for through the service charge.

You will have to pay for your own TV licence, unless you qualify for a free one.

There are no other hidden day-to-day charges to pay.

DO I HAVE ACCESS TO ALL BLOCKS WITHIN BRAYE GARDENS?

No. You will have keys to the individual block (generally four units within) itself and keys to your own apartment. Your key will not access any other blocks within the development, offering security, privacy and independence for all. There is also a coded electronic keypad entry system to each block. 

IS THERE VISITOR PARKING AT BRAYE GARDENS? 

Yes. There are seven spaces – available on a first-come-first-served basis for temporary usage only. 

These notes have been prepared for the assistance of prospective owners for the Braye Gardens development. They have been prepared carefully and are believed to be accurate. Opinions expressed on legal matters are based on the developer’s understanding of current Guernsey Law, but intending owners should seek independent legal advice if they are in doubt on any matter. This document does not form any part of an offer or contract.