Bespoke Rentals: How it works
Q. What is 'Bespoke Rentals'?
A. Put simply, you choose your retirement property, which we then may be able to buy and rent to you on a Life Long tenancy subject to price and sub-letting provision.
Q. Where can I find a Bespoke Rental property?
A. In many purpose-built retirement developments throughout England and Wales, more especially in the South of England, as long as it meets our required standards.
Q. How much rent will I pay?
A. This depends on the value of the property and other factors. We will give you an approximate rental figure before you commit yourself so you can decide if you wish to proceed.
Q. Will I have to pay any service charges?
A. No, the service charge is payable by the owner of the property. You will have the benefit of the services but you do not have to pay any additional charge on top of your rent (apart from the usual Council Tax and utility bills of course).
Q. Do I have to be a certain age before I can undertake a Bespoke Rental?
A. Some developments have a minimum age, usually 60 years but in some cases 55 or even 50 years, so as long as you meet the minimum age for the particular development then there is no problem. There is no upper age limit.
Q. How much will the Bespoke Rental cost me?
A. We ask for a reservation fee of £500 when you confirm that you wish to proceed, £200 (including VAT) of which covers the cost of preparing the tenancy agreement and all the administration involved in setting up the Bespoke Rental and £300 goes towards your deposit.
Q. What happens if you can’t get the property I want?
A. If you have paid us the £500 reservation fee and we are not able to acquire the property you want, then we will refund this to you in full. However, we will continue to do our best to find you something else which suits you just as well. You have a cooling off period of 7 days but if you change your mind after a week and do not proceed, having reserved the property, you will not get the reservation fee returned, as we will have started the process to purchase the property by that stage.
Q. Can I stay for as long as I want to?
A. Yes. You will be renting the property on a Life-Long (Assured) tenancy which gives you the right to remain in the property for as long as you wish. As we are buying this property specifically for you there is a minimum term of two years, after which you may give one month’s notice. As you are looking for a home for life it is unlikely that you will want to leave!
Q. So it’s as good as my own home then?
A. YES! You will have all the security with none of the worries. Enjoy your retirement…