E S S E N T I A L I N F O R M AT I O N F O R N E W H O M E O W N E R S CAN I LIVE IN THE PROPERTY AS MY MAIN RESIDENCE? Unfortunately not. At no point can your holiday home be your fulltime abode, even as a stop-gap between addresses. You will need to provide proof of a permanent residence (e.g. a Utility or Council Tax Bill) when purchasing your holiday home.
IS THERE A SERVICE CHARGE? Yes there is an annual service charge that is paid quarterly. This is set for 2024 at £2,246.66 plus VAT per annum and includes: • Coordination & General Site Management • Internet • Refuse Removal • General Maintenance • Site Equipment • Communal Areas Light & Heat
• 2 Bed Cottages – between £11,000 to £25,000 per year • 3 & 4 Bed Villas – between £20,000 to £40,000 per year (dependent on owner usage)
WHAT IS THE MANAGEMENT LETTINGS AGREEMENT (MLA) CHARGE? The Lettings Management Agreement charge is 25% + Vat from the gross rental rate of each booking includes sales, marketing, third party distribution (i.e. Holiday Lettings / booking.com), financial management and head office operational management services.
DOES THE MANAGEMENT LETTINGS AGREEMENT CHARGE INCLUDE INSURANCE? No – it is the responsibility of the owner to arrange their own Building and Contents Insurance.
The service charge is subject to change and is reviewed annually.
ARE THERE ANY OTHER FEES WITH EACH BOOKING?
CAN I GET A MORTGAGE ON THE PROPERTY?
In addition to the MLA charge there is a stay cost associated with each booking that is deducted prior. At Trewhiddle the stay costs are:
Specialist mortgages are available for the purchase of holiday homes but are subject to a funding application. We can introduce you to a Financial Advisor who will assess your personal situation and then advise you on the options available.
HOW MANY WEEKS OF THE YEAR IS THE PROPERTY AVAILABLE FOR PERSONAL USE? You can use the property for as many weeks of the year that you choose.
HOW MUCH NOTICE DO I HAVE TO GIVE IF I WANT TO COME AND USE IT MYSELF? You can reserve the property for yourself at any time subject to availability. If your property is not already reserved, you can even arrive on the same day!
WHAT ARE THE UTILITY COSTS INVOLVED WITH PROPERTY OWNERSHIP? All of the Utility Costs are the responsibility of the owner. These costs will depend entirely on how much the property is occupied, but on average, this is usually about £1,700 per annum.
CAN I MAKE CHANGES TO THE FURNITURE /INTERIOR DESIGN OF THE PROPERTY? Yes, but if you want to successfully let the property to holiday guests, the furniture must adhere to the Brand Standards advised by Together Travel.
WHAT IS THE POTENTIAL RENTAL INCOME FOR THE PROPERTY? This will depend entirely on your own personal use and at what time of year you choose to stay in the property. Personal occupation during high season months will have a significant impact on the rental return. Currently the properties at Trewhiddle generate the following in gross revenue:
PROPERTY
GUEST STAY
OWNER STAY
3 Bed Villa
£214
£163
4 Bed Villa
£237
£192
4 Bed Villa
£243
£193
4 Bed Villa (Balcony)
£237
£187
This includes cleaning, linen, meet and greet fee. Stay costs are occasioally subject to change due to statutory increases in labour costs and/or due to exceptional circumstances, and are reviewed annually. A 5% deduction is made from the gross rental rate of each booking to be held in an FF&E (furniture, fixtures & equipment) fund to cover ongoing maintenance of the properties. Permission will be sought from the property owner for any maintenance over £100. This FF&E reserves can be withdrawn from at any time by the owner.
IS THERE ANY BIAS BETWEEN LETTING TREWHIDDLE VILLAGE LIMITED(SITE OWNER) AND PRIVATELY OWNED PROPERTIES? Not at all. There is no preference given to Trewhiddle Village Limited owned properties over privately-owned properties.
BUT WHY WOULD TOGETHER TRAVEL NOT SHOW ANY BOOKINGS PREFERENCE TO DIFFERENT PROPERTIES? Together Travel receives the same level of commission from a privatelyowned property as they do from a Trewhiddle Village Limited owned property. What happens if Trewhiddle Village Limited ceases trading? In the very unlikely event that this should happen, there is nothing that can affect your ownership of your property. All owners in the particular location, would need to appoint a new Management Company to arrange for the site management services to be continued. i.e. who cuts the grass and cleans the windows etc