A new management company called Oaklands retirement village Ltd (ORV) has been incorporated and will be wholly owned by the homeowners. It will own the freehold of the development and is responsible for its management and the well-being and financial interests of its shareholders (the homeowners).

A resident Estate Manager (EM) will be appointed by ORV to manage the company and run the day to day management of Oaklands. The EM is effectively an employee of the homeowners.

Each home owner will each have one voting right.

The cost of the homeowners shareholding is a nominal sum and is included in the sale value.

The developer (Tirus Ltd) will initially retain one property, and one voting right, in respect of the EM accommodation. ORV will pay, as part of the annual budget, the developer rent for this accommodation.

The Manager

The manager will be resident on the site, working 9am to 5pm Monday to Friday. Employment legislation will prohibit working beyond these hours.

The selection of the EM will be carried out in consultation with the homeowners. Although there will need to be an ability to carry out administrative responsibilities, the main attributes required will be of a practical nature and of someone who will take personal pride in the development and will have a concern for the well-being of the homeowners.

Prior to final completion of the development the Site Manager will carry out this roll.

The EM’s duties will include inter alia :-

• Gardening
• Ground maintenance
• General property maintenace
• Window cleaning
• Communal area cleaning
• Managing suppliers and contractors
• Assisting or advising homeowners with making arrangements for the upkeep and maintenance of their own property
• Day to day management of ORV
• Keeping paperwork for the accounts
• Security

Service Fee / Budget

The service charge will be payable collectively by the homeowners and will be based on an estimated budget prepared for the following year. There will be separate budget for the Villa and the new properties. As the homeowners own ORV their control and interests are assured. The weekly fees payable by each plot are shown on the back page.

What is included

• Remuneration of EM
• EM's apartment rent
• EM's own service fee
• Building insurance
• Electricity, heating & lighting to general areas
• All water and sewerage charges
• External window cleaning
• Gardening to communal areas and front gardens
• Cleaning of communal areas
• Lift service contract (Villa only)
• Maintenance and gardening equipment
• Repairs and maintenance to grounds, the building shell, external doors and windows
• Lighting equipment to common areas
• Redecoration fund
• Sundries

What is not included

• Council Tax
• Gas and Electricity for your home
• Contents Insurance
• Internal decoration and maintenance

On the resale of your property a fee of 1% of the properly value will be payable to a contngency fund. This fund will be used for larger maintenance costs in the longer term.