J106402 RS All you need to know - The Bishops Avenue AW (4) - Flipbook - Page 28
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Are there any pricing and other sales restrictions?
We want to protect the value of your apartment and other apartments at Riverstone.
This is why our lease doesn’t allow the agreed price to be less than “open market value”.
Our lease describes “open market value” using the RICS (Royal Institution of Chartered
Surveyors) Red Book de昀椀nition of market value. Our lease does allow you to gift the
apartment to a friend or family member or pass it to someone in your will. For gifts like
this or sales at below open market value, we calculate the Deferred Fee using the open
market value of the apartment.
Riverstone is operating a retirement community at Riverstone Bishops Avenue. This is
why, when you sell your apartment, every buyer has to provide details of at least one
person aged 65 or over who will live there. We call these people “designated occupiers”
in our lease. We require all future occupiers to have an introductory conversation with a
Riverstone Wellbeing Ambassador. Please ask our client advisors for a copy of the Lease
Summary for more information. This explains how we assess and manage who can live
at Riverstone Bishops Avenue.
One of our client advisors needs to be involved in every resale process. This includes
sales viewings, whether you choose us as sales agent or not. This is important because
we need to make sure that information given to buyers is accurate and not misleading.
We also need to make sure that the Riverstone retirement living concept has been
properly explained to buyers. Where you do not choose us as sales agent, we will
charge a 昀氀at Administration Fee of £550 plus VAT to provide this service. Where you
do choose us as sales agent, we will not charge the Administration Fee.
4.
Riverstone’s “Value in Choice” offering explained
At Riverstone, we always aim to listen and learn from feedback from our current
residents and prospective purchasers, as well as other more established markets
globally. Flexibility and choice come up as consistent themes. In response to this,
we have introduced the Riverstone “Value in Choice” o昀昀ering caters for di昀昀erent
buyers’ 昀椀nancial circumstances, preferences and perceptions of value.
