Costs26Are 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 CharteredSurveyors) Red Book de昀椀nition of market value. Our lease does allow you to gift theapartment to a friend or family member or pass it to someone in your will. For gifts likethis or sales at below open market value, we calculate the Deferred Fee using the openmarket value of the apartment.Riverstone is operating a retirement community at Riverstone Kensington. This is why,when you sell your apartment, every buyer has to provide details of at least one personaged 65 or over who will live there. We call these people “designated occupiers” inour lease. We require all future occupiers to have an introductory conversation with aRiverstone Wellbeing Ambassador. Please ask our client advisors for a copy of the LeaseSummary for more information. This explains how we assess and manage who can liveat Riverstone Kensington.One of our client advisors needs to be involved in every resale process. This includessales viewings, whether you choose us as sales agent or not. This is important becausewe 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 beenproperly explained to buyers. Where you do not choose us as sales agent, we willcharge a 昀氀at Administration Fee of £550 plus VAT to provide this service. Where you dochoose us as sales agent, we will not charge the Administration Fee.
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