Choosing a retirement property is a big decision, and to ensure the process of choosing your new home and moving to Austin Place is as easy as possible, Anchor have compiled the following helpful information for new purchasers.

It is important you feel confident in your decision and we encourage you to seek independent advice and discuss your options with your family and your legal advisers in detail.

Cost of moving into Austin Place

The reservation fee for Austin Place is £2,000.

10% of the purchase price is payable on exchange and customers will also need to budget for Stamp Duty, their own legal and moving costs.

Ongoing charges while living at Austin Place

Ground rent

£500 per year, for the first 25 years.

This is payable on the 1 April each year. If you purchase your lease part way through the year a proportion of the amount due will be payable, at completion of your sale.

Service charge

£85 per week

All residents pay a contribution to the running costs of the facilities, support services and maintenance of the building and grounds which is known as the ‘service charge’. The service charge is divided into a number of components detailed below. The service charge account is raised in advance and is split equally between all of the apartments.

Component Elements of the Service Charge

The Management Team
The Estate Services Manager, and support teams are responsible for the day to day running of Austin Place and all its amenities. They ensure that all aspects of Austin Place are constantly monitored and that the well-being of all residents is maintained. 

A small management fee covers the costs of the services provided to the apartments centrally by Anchor. The services provided include HR, IT and finance.

Gardens and Grounds
Anchor will organise gardener(s) to tend them and also look after the paths and walkways to make sure they are free of trip hazards.

Communal Areas, Electricity, Gas and Water
The heating, lighting and use of water in the communal areas and gardens are metered by the respective utility companies and the bills are submitted to the management company for payment on behalf of Austin Place. As a resident, you are responsible for your own utility bills and Council Tax.

24-Hour On-call Response
Your apartment is equipped with an emergency call system which will result in an on-call member of the team coming directly to your assistance, in an emergency. During times when there is no Anchor presence on site the calls are directed to Anchorcall (Anchor’s 24-hour customer centre).

The Handyperson
There is a handyperson on site who is qualified to undertake small repairs and provide fire alarm/equipment checks within Austin Place. In addition you can use the handyman for help with small jobs in your home, at an additional charge, quotes can be obtained from the management team.

Telephone, Television and Wi-Fi
You will be provided with hotel style telephone in your apartment. Internal calls are free, you will be billed for external calls. You do have an option to go directly with your own choice of phone provider (line rental will apply). There will be Wi-Fi in the communal areas within Austin Place for you to access, for free. If you would like Wi-Fi then you can purchase this separately – direct with a provider of your choice. For TV – we will provide standard Freeview channels and the property is wired for Sky Plus. If you want this then you would need to subscribe directly with a provider. It is the customers responsibility to ensure you have a valid TV licence, if required.

Insurance, Maintenance and Repair Contracts
We arrange for any external maintenance to your apartment and its facilities, and insure all the buildings. The service charge also covers regular window cleaning. Repair contracts for lifts, central kitchen equipment and other plant and equipment are in place and all necessary checks are done on a monthly, quarterly or annual basis to comply with manufacturer’s recommendations and legislative requirements. The communal areas are inspected by the handyperson to make sure that all lights and equipment are working correctly. They also arrange for PAT (portable appliance test) for all communal electrical equipment. Please note as an owner you will be responsible for the internal maintenance and redecoration of your apartment and for home contents insurance.

Other costs

Car parking

There are a number of car parking spaces available at Austin Place which can be purchased at a cost of £10,000. One space can only be purchased per apartment. A number of restrictions apply, please speak to a member of the sales team.

Administration fee for resale

£660 inc. VAT

This covers the cost of dealing with the resale of a property and the associated administrational aspects. There may be other costs associated with additional solicitor enquiries that you will be made aware of when applicable.

Deferred sinking fund

3% of the market value

The sinking fund is a fund which we will build up over time and which will be available to meet the cost of major repairs and refurbishment works which are not covered by the monthly service charge.

You should note that the amount in the sinking fund may vary from time to time and we can give no guarantee that there will be sufficient funds in the sinking fund to meet all of the costs of any work which may need to be done. Where there are not sufficient funds in the sinking fund the difference will be collected as an addition to the service charge.

A payment of 3% of the value of the property will be paid at the point of sale, as a contribution to the sinking fund. This percentage will be the higher of either the open market value or the premium of the property at the point of sale. e.g. If you sell your property for £400,000 x 3% = £12,000 would be owed to Anchor at point of sale.