Question 1

WHAT IS URBANE8?

Accepted Answer

Urbane8 is a unique concept for frequent visitors to London. It allows a few like-mined individuals or families to co-own a pied-a-terre in the heart of the world's most vibrant city.

Question 2

WHERE DOES URBANE8 OPERATE?

Accepted Answer

We are currently focused on the W1 and WC2 areas of London including Marylebone, Fitzrovia, Bloomsbury and Covent Garden. We will consider other areas if we have sufficient interest.

Question 3

DO I ACTUALLY OWN THE PROPERTY?

Accepted Answer

Yes, each property is owned by the co-owners through an English company limited by guarantee set up for the sole purpose of buying the property. Each owner becomes a member of the company.

Question 4

WHO IS A TYPICAL URBANE8 OWNER?

Accepted Answer

In keeping with the co-ownership demographic for second homes in general, most buyers are not looking for a cut-price deal, but a more logical way to own a second home. Many buyers we work with can afford whole ownership but see sense in sharing the costs of an asset they won't use all the time. Most of our buyers are looking for a base in the city they can use for frequent leisure trips with family and friends and for business stays.

Question 5

IS URBANE8 AVAILABLE TO BUSINESSES?

Accepted Answer

Absolutely, London is a leading international financial centre. The Urbane8 concept will be of particular interest to businesses looking for a London base for use by their executives, staff and clients.

Question 6

WHAT IS THE BUYING PROCESS?

Accepted Answer

Except for properties we have already purchased or taken an interest in, the process starts with a small group of buyers - normally between 2 and 8 - with similar aspirations and motivations. Key preferences such as budget, location and expected usage are discussed before we draw up a shortlist of properties.
 
We will then take care of everything for you - co-ordinating the purchase and setting up the ownership structure, the usage rights and the property management arrangements.

Question 7

HOW OFTEN CAN I USE MY PROPERTY?

Accepted Answer

We design usage systems which strike a fair balance between certainty and flexibilty - allowing owners to plan their stays reasonably well in advance, but also to use their property on shorter notice as well. Between you and your family and friends, you will be able to use your property between 42 and 84 days each year, depending on the number of owners.

Question 8

WHAT WILL THE ANNUAL COSTS BE?

Accepted Answer

Each owner will pay an annual charge to cover cleaning and maintenance of the property, insurance, utility costs, property taxes, any block service charge payable and a management fee. A payment will also be made into a reserve fund to cover periodic decoration and replacement of furniture and equipment when required. The annual charge will be based on an annual budget prepared at the start of each year and full accounts will be prepared at the end of the year. Owners can view monthy and annual accounts on our website.

Question 9

IS THIS THE SAME AS TIMESHARE?

Accepted Answer

Not at all. As the name suggests, timeshare owners have the right to stay at a property for a fixed week each year, and nothing more. With Urbane8, you will jointly own your property and will have flexible usage of it throughout the year.

Question 10

WILL I MEET THE OTHER OWNERS?

Accepted Answer

The feedback we have received is that most owners prefer privacy for themselves and their family. Therefore, to maintain confidentiality, we do not facilitate contact between owners.

Question 11

HOW WILL MY PROPERTY BE MANAGED?

Accepted Answer

We will appoint a local management company to deal with cleaning, inventory checking, repair and maintenance. Sojourn8 will be responsible for collecting annual charges from the owners, arranging insurance and paying all property costs including utilities.

Question 12

CAN I RENT OUT MY PROPERTY?

Accepted Answer

You will not be permitted to rent your property out on a commercial basis but you will be free to allow friends and family to use it. Corporate owners will also be able to allow their staff and clients to stay in their property.

Question 13

CAN I SELL MY SHARE?

Accepted Answer

Yes, you are free to sell your share at any time, subject to offering it to the other owners first. For some properties, there will be an open market sale after a fixed period agreed at the start.

Question 14

CAN I KEEP PERSONAL BELONGINGS IN MY PROPERTY?

Accepted Answer

Yes, each owner will have a secure area in which they can store their personal belongings.

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