Making the move to Bishopstoke Park

Moving house can be both exciting and challenging at the same time. To ensure the process of moving to Bishopstoke Park is as easy as possible, Anchor has compiled the following helpful information for new purchasers.

For many people, moving to a retirement village can help to get the most out of life - offering independence, security, like-minded neighbours and a vibrant community all in one place. 

Many people wonder about the changes in lifestyle that moving to a retirement village will bring. Life in a retirement village can be as action-packed or laid-back as you like, and while it can present a wealth of new opportunities, there is no need for you to change your usual activities or routines at all. Retirement villages provide you with an abundance of opportunities to take up new activities and make new friends, or simply provide new venues for an already busy social life. At Bishopstoke Park, the village team help organise regular functions for residents. Families and friends can come to stay in the village and Bishopstoke Park is within easy reach of a host of shops and restaurants, so you can be as active outside the community as within. 

Choosing a retirement property is a big 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 Bishopstoke Park 

The reservation fee for Bishopstoke Park apartments is £1,000.

10% of the purchase price of your apartment 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 Bishopstoke Park 

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

£117.97 per week (1 April 2021 to 31 March 2022)

At Bishopstoke Park you can own your retirement apartment and enjoy everything the village and its grounds have to offer, without having to worry about expensive maintenance, repairs or upkeep. 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 account is raised in advance and is split equally between all of the apartments. The service charge is divided into a number of components detailed below. A copy of a typical service charge account can be obtained from the Village Adviser.

Component Elements of the Service Charge:

• The Management Team
• Gardens and Grounds
• Communal Areas, Electricity, Gas and Water
• 24-Hour On-call Response
• The Handyperson 
• Telephone, Television and Wi-Fi 
• Insurance, Maintenance and Repair Contracts 
• The Village Minibus 
• The Restaurant, Bar and Coffee Shop 
• The Mount Wellness Centre 
• Social Activities and Events 
   

Other costs at Bishopstoke Park

Car parking

Separate to the lease, you may be offered a licence to park a car in one of our allocated parking spaces (Subject to availability). The lease specifies that car parking spaces are allocated under a licence. The licence is renewable every 12 months and is complimentary.

Unallocated communal parking is provided for phase 2 and 3 residents on a first come first serve daily bases.

Deferred sinking fund contribution

4% 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 4% 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 £600,000 x 4% = £24,000 would be owed to Anchor at point of sale.

More information

If you have any questions, or to discuss any of of this information in more detail, please contact our helpful team today on 0808 102 5543.