Your Buying Options

Gateway Retirement Living offer a range of different routes and options which aim to accommodate your needs and preferences. However, it’s important to know that not all buying options will be available at every location.

Leasehold

As we mainly operate in Tower Hamlets the majority of our Retirement Living properties are one or two bedroom apartments which are leasehold.  This means you purchase the right to remain in the property for a defined period of time on a long lease. You will have a lease agreement that explains our obligations to you as your “landlord” and your rights and obligations as the leasehold homeowner. You will also pay a service charge (details of charges are stipulated in your lease agreement).
Gateway retirement living’s leasehold properties are sold by our in-house sales team, so if you are interested in finding out what is available please contact our sales team.

Leases are legally binding documents and we recommend that you seek independent legal advice if you are considering buying a property on a leasehold basis.

Shared Ownership

Shared ownership enables you to own a home you might not otherwise be able to afford.

Gateway Retirement Living offers a two different types of shared ownership.  You can buy a fixed percentage, where you purchase the property at a value equivalent to 75 per cent of its full market value. We retain the remaining 25 per cent, but you do not pay any rent on this portion. You will have a lease agreement which explains your rights and obligations. You will also pay a service charge for the services and support that we provide.

We also offer a shared-ownership option where you can purchase a smaller percentage of the property value. You will usually pay a service charge and also a rent on the amount of un-purchased equity. When you buy a shared ownership property, although you only pay a percentage of the capital value, you will be required to pay the total cost of repairs and upkeep for your new home.

Leases are legally binding documents and we recommend that you seek independent legal advice if you are considering buying a property on a leasehold basis.

Cost of Buying

As well as the usual costs associated with purchasing a property, such as the initial purchase price, stamp duty (if applicable) and solicitor’s fees, you will be responsible for internal repairs and the usual costs of running a home, for example council tax, electricity and telephone bills.
Each year, on a calendar monthly basis, you will also pay us a service charge to cover the costs of providing and maintainence services. Your lease or transfer paperwork will explain the fees and how much you will have to pay.

More detailed information is provided by our Sales Team on 020 8709 4300 or via email sales@gatewayliving.org.uk.