The very best advice, tailored to your situation
Moving is never easy and the options can be confusing. Chantry Court has the very best village advisers who can create a flexible plan, specifically tailored around each individual to make moving as seamless as possible.
What is Deferred Completion?
This is our new rent purchase plan designed to help you move into one of our well appointed retirement properties even though you may currently have a property to sell.
What does the scheme offer?
Deferred Completion offers you the opportunity to reserve and exchange contracts on a property, with up to 24 months to complete the purchase of your new home. Once you have exchanged contracts you can move into a property and live rent free for the first six months and thereafter at a discounted rent for up to a further 18 months. At the end of this period you have the option of either completing on the purchase or vacating the property. You can of course complete on the purchase at any time during the 24 month period.
How does the scheme work?
After you choose your apartment, you complete a reservation form and provide a reservation fee to secure the property. You should instruct a solicitor to carry out the conveyancing work on your behalf. Following exchange of contracts between yourself and the company within the agreed timescale, you will be granted a license to occupy the property for up to two years.
What will I have to pay?
In addition to the reservation fee, you will need to pay solicitor's fees, stamp duty and any other fees applicable to your purchase. At exchange of contracts you will pay a deposit equivalent to 5% of the total value of the property agreed at reservation.
For the first six months you will not be required to pay rent. However, you will be required to pay a quarterly service charge, monthly Council Tax and utilities. You will of course pay separately for any services you receive within the village such as meals, drinks, use of the mini-bus etc. Charges relating to personal care and support received through our domiciliary care service will also be charged separately.
From the beginning of month 7 of your occupation, you will also be required to pay a monthly rent which will have been agreed at the time you place your reservation. All other charges will still apply. At any time during the 24 month period, you may complete the purchase of your apartment by paying the remaining balance of the value of your apartment i.e. purchase price less the 5% deposit you paid upon exchange of contracts and the reservation fee.
Should you fail to comply with the terms of the license to occupy or vacate the property before completing the purchase the 5% deposit will become nonrefundable and the contract between us will end. This agreement will end automatically on the last day of the 24 month period.