All you need to know - Riverstone Kensington - Flipbook - Page 17
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2.
Living in your apartment
What is the Membership Fee?
Once you have bought your apartment and moved in, you will have to pay the
Membership Fee. This is an annual charge, paid monthly in advance.
The Membership Fee varies depending on the number of bedrooms in the apartments,
as set out below:
1 bed
2 bed
3 bed
£1,388 per month
£1,544 per month
£1,777 per month
The Membership Fee increases each year on 1st January in line with in昀氀ation for the
period from when you buy the apartment up to the review date. However, we include a
cap which means the Membership Fee cannot increase more than 4% in any one year.
When you sell your apartment to a new owner, the Membership Fee is again increased
in line with in昀氀ation but without the 4% cap.
For example, if in昀氀ation runs at 6% in the 昀椀rst year and 8% in the second year, your
Membership Fee will still only increase by 4% in year 1. It would then increase by a
further 4% in year 2.
We include the annual cap on the annual Membership Fee increases because we know
how important it is for you to have cost certainty. With the bene昀椀t of the cap, you know
what the maximum amount of your Membership Fee will be throughout your stay at
Riverstone.
When we refer to “in line with in昀氀ation”, we mean increases in line with the Consumer
Price Index or the Average Weekly Earnings Index (whichever increases the most) for the
period from when you buy the apartment up to the review date. These are two consumer
indices published by the UK government’s O昀케ce of National Statistics which track
in昀氀ation in the United Kingdom.
If we want to change or add to the services for an additional cost, we will allow residents
to vote on the proposal 昀椀rst. We will only increase the Membership Fee if more than
50% of residents vote in favour.
