These well-located high-spec homes offer convenience and practicality with a sense of privacy and independence centred around beautiful, landscaped grounds. Each apartment benefits from being entirely lateral, with full lift access to all floors and generous, private outside spaces. There is dedicated parking for each home in addition to guest spaces for your family and friends to visit without compromise. 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 residents. Braye Gardens offers a new lease on life that is highly deserving of closer inspection.
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.
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 development has been designed and constructed to exceed the latest Building Regulation standards. In order 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.
SERVICE CHARGE & MONTHLY COSTS
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.
Based on 2020 costs the standard service charge is estimated to be £225.00. However, as not all facilities will be available initially, owners will pay a reduced fixed service charge amount of £150 per month until the development is complete.
A further 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.
In order to avoid potential undermining of the minimum age and occupation criteria, the following restrictions apply for guests staying overnight in an apartment:
This is intended to strike a reasonable balance for most circumstances, but the company is able to give permission for additional nights where appropriate.
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 developers 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.