Cottages. Owners. Information Pack

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1 Cottages Owners Information Pack

2 You Coun Country House Hotel & Cottages Tel: Web: The Penhaven Estate is just five miles from Bideford, in the lush and tranquil North Devon countryside, on the edge of the small village of Parkham just a couple of miles from the unspoilt coast. It is one hour northwest of Exeter and about 90 minutes from Bristol, with easy access to motorways for the Midlands and London / the South East.

3 r tryside Haven... Penhaven Country Cottages promise a unique opportunity to combine the rewards of holidaying in North Devon with the benefits of owning a second home. Set in 10 acres of grounds, the tranquil Penhaven estate provides a perfect base to relax, unwind and enjoy everything the region has to offer. With great beaches nearby and activities from walking and golf to fishing and surfing, North Devon has it all. Penhaven Cottages are exclusively available on a fractional ownership basis, a new and unique way of managing the cost of property ownership to suit your requirements. Each cottage is divided into ten equal shares, entitling 5 weeks access to the cottage during the calendar year. By sharing the ownership, you need not be concerned about maintaining, renting or managing your second home when you cannot be there. We can even rent out your weeks for you should you so choose. Each cottage has been individually designed to marry tradition to contemporary design, with the highest standards of fittings and finish. Cottages vary in size and design to suit families, couples or individuals. There are old stone cottages and more modern builds to suit your taste. Contact us now to arrange a visit to Penhaven and experience the cottages for yourself. Tel: Web: info@penhavencottages.co.uk

4 Quality, comfort, peac

5 The Facts All about owning a second home for a mere fraction of its full value, from just 19, existing cottages are being refurbished, with five further cottages to be constructed within a picturesque barn. Set in 10 acres of parkland, some have private gardens or courtyards and there is plentiful car parking. The first 3 cottages are ready for occupation now and are in active sale. Others will be coming on stream during the next few weeks. A choice of one, two or three bedrooms, to suit individuals, couples or families. King-sized beds and luxurious, high-quality sheets and soft furnishings. Highest standard of fittings and finish throughout, with up-to-the-minute kitchens and bathrooms. Fully furnished by Burchell Interiors ( with a contemporary but comfortable feel - fresh and bright for that special holiday ambience, no matter what the time of year. Available to buy on a fractional ownership basis five holiday weeks, each and every year for 999 years (two weeks in the peak summer months, one in spring, one in autumn and one off-peak) Penhaven Country House Hotel, has 12 en-suite bedrooms, and is a central feature of the Estate. There is a comfortable bar area and an excellent AA Rosette restaurant, both of which are available to Cottage Owners and their guests. Cottage Owners can offer one or more of their weeks for rental via the Penhaven Estate (or privately), if they so wish. All maintenance is undertaken by the Estate, with cottage owners charged pro-rata - according to the size of their property. It s a no-hassle and inexpensive holiday home ownership solution: you pay maintenance only for the weeks that you own. Tel: info@penhavencottages.co.uk Web: e of mind...

6 Fractional Ownership at Penhaven Fractional Ownership at Penhaven is designed to be flexible to meet your needs. Each cottage is divided into ten equal Shares, entitling you to five weeks occupancy of the cottage during the calendar year. Unlike some holiday schemes, Fractional Ownership actually gives you ownership of one tenth of the property on a 999 year lease. This represents a real investment in bricks and mortar. It provides the benefits of property ownership, but without the annual commitment and cost of maintaining a property on your own. You need not be concerned about maintaining or managing your second home; this is all taken care of for you. We can even rent out your weeks should you so choose. You are also free to sell your Ownership at any time - all we would ask is that you let us know your intentions and if required, we can assist in the selling of your Share.

7 Purchase Agreement The purchase contracts at Penhaven are based on a tried and tested model, here in the UK, where the properties are now all sold. The ownership of one Fraction entitles you to up to five weeks use of a cottage during each calendar year (two weeks in the peak summer months, one in spring, one in autumn and one off peak). You may purchase as many Fractions as you wish. (Please see price schedule, inside back cover). The freehold of Penhaven Country House Hotel and Cottages is held by Penhaven Leisure Resorts Ltd., which will be responsible for managing and servicing the cottages, as well as the running of the hotel. Cottage Maintenance Two weeks in every year are allocated to maintenance. This is normally undertaken in the first quarter of the year. There is an annual maintenance charge that covers this cost. (Please see price schedule). The maintenance charge covers ongoing costs such as cleaning and laundry, as well as the annual cost of maintaining the property and contents at its current high standard.

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9 Frequently Asked Question What is fractional ownership at Penhaven? Fractional ownership is a relatively new concept here in the UK, but already an extremely popular alternative to outright ownership in the United States of America. Each fraction entitles the owner to five weeks access to the property in different seasons. Unlike other methods, fractional ownership is exactly that you become a part owner of the bricks and mortar of the property itself. How is the legal situation managed? You will own your fraction on a 999 year leasehold basis. This is managed through a separate company, limited by guarantee, which has up to ten members (owners). This is the same approach used by non-profit organisations such as charities and clubs and is an established and successful way of managing this scheme. We can discuss this in much more detail and answer any queries or questions you may have. You can also review the contracts with your legal representative at any time. Can I let my weeks out? Yes. We would be happy to assist you in letting your cottage, if there are weeks that you do not wish to use, for whatever reason. We can provide this service for a small fee based on a percentage of the income. Of course you are also free to let your cottage without our assistance. We would simply ask you to make us aware when this is the case and provide the details of your residents. Can I accommodate additional guests? At the heart of Penhaven Cottages is a charming, 12 bedroom Country House Hotel with an AA rosette restaurant. Rooms are available for guests to book at any time. What about damage to the property? Normal wear and tear is included within the annual Management Fee. Damage beyond normal wear and tear will be the responsibility of the occupying owner. When do my weeks begin? Weeks begin on a Friday. This allows you to make the best use of the weekend, if your time is limited. Can I sell my fractional ownership? Yes. It is an asset like any other form of real estate and you are free to sell it at any time. We can assist you with this, should you so require. How does it work? Each cottage will have 10 Owners and each Owner will have a unique share number between 1 and 10. This number will stay with the ownership of The Share. Each Share will have a choosing priority for the high season, mid and low season weeks. Each Share number is set down in the Share Choosing Rota Matrix. It is all very straightforward and is explained fully in the Owners Legal Documents. Can I exchange my weeks for weeks at other destinations? Yes. We are soon to be affiliated to a global leisure resort exchange organisation. This will allow you to exchange your weeks for alternative destinations in the UK or abroad. It will provide an additional element of flexibility for you, but we envisage most of our owners returning to their own cottage, here at Penhaven.

10 Finding Penhaven Whether you are travelling from London, the Midlands or the North, the M5 is your easiest route to the Penhaven Country House Hotel. Leave the M5 Motorway at Junction 27 and then take the North Devon Link Road (A361) towards Tiverton. Continue on the A361 to the outskirts of Barnstaple where the link road becomes the A39. This takes you over the new bridge at Bideford. Continue on the main road for another 6 miles, which will bring you into Horns Cross, a small hamlet, where you turn left opposite the Coach & Horses Public House. After turning left opposite the Coach & Horses Public House it is 1½ miles to Parkham along this narrow lane. Travel up the winding hill and around the bend (where the woods on the left-hand side of the road are part of the Penhaven Estate). Enter the Village of Parkham with the Church on your right and take the second turning on the left. 100 yards ahead is the entrance to the grounds of Penhaven Country House Hotel and Cottages. A39 Chapel rd Brewers Ln Parkham Barton Rd Melbury Rd Rectory Ln Country House Hotel & Cottages Barnstaple Fremington A39 Landkey Northam Tawstock A361 Bideford Hartland A39 Parkham Great Torrington A377 Langtree A386 Kilkhampton Shebbear Winkleigh Stratton A39 A3072 A386 Okehampton

11 Tenure Leasehold 999 years. Licence We are advised that the hotel holds a Premises Liquor Licence. Services We understand that the property has mains electricity, water and drainage. LPG central heating. Local Authority Torridge District Council, Riverbank House, Bideford, Devon EX39 2QG. Tel: Local Authority Rating We have been advised by the Rates Department at Torridge District Council that this is yet to be assessed. VAT Any guide prices quoted or discussed are exclusive of VAT. In the event that a sale of the property or any part of it, or any right attached to it, becomes chargeable for the purposes of VAT, such tax will be payable by the purchaser. Viewing Viewing is strictly by prior appointment with the Sole Agents Knight Frank, Exeter, Tel: or with Penhaven Hotel and Cottages, Tel: Important notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing ( information ) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC Our registered office is 20 Hanover Square, London W1S 1HZ, where you may look at a list of members names. 03/07/IM&P

12 To discover more about fractional ownership at Penhaven Country Cottages please contact us, or visit our website. We would be happy to welcome you as a hotel guest at any time and are offering preferential rates to those interested in fractional ownership purchase. If you are interested in viewing the cottages please state this when you contact us. Knight Frank LLP 19 Southernhay East, Exeter EX1 1QD t +44 (0) f +44 (0) e exehotels@knightfrank.com w Penhaven Leisure Resorts Limited Penhaven, Rectory Lane, Parkham, Nr Bideford, North Devon EX39 5PL Tel: info@penhavencottages.co.uk Web: