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 What is Fractional Membership? Although a relatively new concept in the UK, Fractional Membership is well established in the US and across Europe and is based on the simple principal of a group of people jointly buying a second home together and then equally sharing their time at the property as well as the cost of its maintenance and upkeep. What are the advantages of Fractional Membership? Fractional Membership is designed to provide generous and flexible holiday use of a specific property and removes the worries typically associated with holiday-home ownership. Fractional Membership also significantly reduces the financial burden compared with traditional second-home purchase. How does it work at Hengar Manor? A limited number of Lodges are to be made available for Fractional Membership at Hengar Manor. Up to ten individual buyers can purchase a share per Lodge, which means that they will own a part (ie 1/10th share) of the physical bricks & mortar of the property but share the cost of its maintenance & upkeep. In return for their purchase, they will each get to spend five weeks each year of their membership at their Lodge. How are the weeks split between the ten Fractional Members? Taking aside the two weeks of refresh, redecorating and maintenance checks, the remaining 50 weeks of each year will be equally split between the ten Fractional Members so they can all enjoy their Lodges throughout the different seasons. The exact weeks in each Season will be specifically rotated every year so that each Fractional Member receives a fair share of time at their Lodge. What is the cost of Fractional Membership at Hengar Manor? The price of Fractional Membership will vary depending on the nature and size of the particular Lodge. Prices currently range from £39,500 and more information on the pricing is available by contacting the Hengar Manor Management Team What is the legal framework of the Fractional Membership Scheme? Please refer to the More Frequently Asked Questions sheet enclosed at the back of this brochure. Hengar Manor and its professional advisers will of course be able to answer any specific queries as well. Can I buy more than one Fractional Share? Yes, each Lodge's membership is divided into ten equal Fractional Shares so it is possible for one buyer to purchase more than one share straightaway or to even increase their initial purchase if other Fractional Shares become available in years to come. By increasing their Fractional Membership Share, their share of time spent at the property will then be increased according to the number of shares purchased, ie two shares = ten weeks of time each year. Are there additional charges for the use of the onsite facilities? No, the use of Hengar Manor's extensive grounds, Manor House communal areas and Reflections Leisure Club are included in the Fractional Membership purchase price. However, as you would expect, there would be additional charges for meals taken in the restaurants, hire of specialist sports & fishing equipment or beauty treatments for example. What does the Annual Maintenance Charge cover? The Annual Maintenance Charge covers all of the usual property maintenance items you would normally expect at a managed property, such as cleaning of the property, laundry, routine repairs, maintenance of the gardens, etc. The Charge will also cover Membership and Administration Services to be provided to the Fractional Members and will also include an amount to be put in to a Sinking Fund on behalf of Members towards providing for larger items of non-routine property repairs, maintenance and redecoration. When will the Lodges receive their annual refresh and maintenance check? The Lodges will undergo a thorough refresh, redecoration and maintenance check for two weeks at the beginning of each year so that the property is available for occupation in the more popular times of the year. Can I change the decoration of my Lodge? No, each Lodge has been sensitively decorated to provide luxurious and well-appointed accommodation already and any further redecoration will be undertaken on behalf of all of the Lodge's Fractional Members collectively and only following prior consultation by the Hengar Manor Management Team. What personal possessions can I provide for 'dressing' the Lodge and where will they be stored? To make the Lodges even more 'home-from-home' for Fractional Members, it is possible for a small collection of personal possessions to be stored onsite by Hengar Manor ready for your occupation of your Lodge. This could be ornaments, personal photographs or any other small removable items which you feel would make your Lodge even more special and personal to you. Who pays for any breakages/damage at the Lodge? Any normal wear & tear damages/breakages will be covered by the Annual Maintenance Charge. However, damages/breakages over and above normal wear & tear will be the responsibility of the occupying Fractional Members. Can I rent out my share of weeks instead of holidaying at the Lodge myself each time? Yes, it is possible for you to rent out all or part of your share of time to be spent each year at your Lodge. For a small administrative fee, Hengar Manor would be happy to let out your Lodge on your behalf or you can handle this yourself. Either way, all we ask is that you let us know if this is to be the case as well as details of the residents staying in your Lodge. What happens if I want to sell my share? As a Fractional Member, you effectively own a share of the bricks & mortar of your Lodge so you would treat this like any other property you may own. You are free to sell your Fractional Share at any time and we can advise you on this if you so choose. Can I bring additional friends & family to stay? Yes. If you are planning on inviting more people than your Lodge will accommodate then there are a range of other properties available to rent at preferential rates at Hengar Manor. We would be happy to help you ensure your guests enjoy their stay with us as much as you do. Would my additional guests be able to use the onsite facilities, ie Reflections Leisure Club? Yes, your guests would be able to use the onsite facilities in exactly the same way as yourselves if they are staying at Hengar Manor. |
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