The Prince and Princess of Wales are set to move into Forest Lodge much sooner than planned, and they could be settled in their new property in a matter of weeks, according to reports. They will be moving with their three children, Prince George, Princess Charlotte and Prince Louis, and no doubt the family are all very excited about the big relocation. While they are not buying the royal residence outright, they will be forking out for rent. How much will they be have to pay each month? Here's why it may be more than you might think…
The home is owned by the Crown Estate, so William and Kate will need to pay money in order to live there. It is believed that the agreement is that the royals will pay the "market rate" rental price for the property. In 2001, Forest Lodge underwent £1.5 million restoration works and was put on the rental market for £15,000 a month. Given that it's 24 years down the line, the value would have almost certainly increased, so the Wales family could be looking at a staggering monthly bill.
Prince William's income
Luckily, the royals are not short of a few pennies, and William's eye-watering salary means he's got plenty of funds to cover the costs. Accounts have shown that William receives an annual private income of more than £23 million per year from the Duchy of Cornwall. We do not know how much the prince pays in tax as he has declined to reveal his tax bill publicly.
Emily Nash, Royal Editor at HELLO! has explained: "The income also covers the cost of staffing William and Kate's household, with the number of employees rising from 66 to 68 in the year to April. Some 13.2 per cent of staff are from an ethnic minority background, down slightly from 14 per cent last year."
Renovation costs
In June, planning applications were lodged with the local council documenting a proposal for minor external renovations, as well as minor and internal alterations. With these changes and decorating of the entire home, it's likely to come to a hefty bill. It is believed the royal couple have paid for all of these things themselves.
Danielle Stacey, HELLO!'s Online Royal Correspondent, comments on the changes: "It appears to be quite common practice for royals to make their own renovations, particularly if a property hasn't previously been used by a member of the royal family. There are, of course, security provisions to be taken into account, as well as the couple wanting to put their own stamp on the property."
We know that Kate has a real passion for interiors, so we're sure she's in her element planning each room meticulously. The princess has turned to interior designer Ben Pentreath on multiple occasions when designing her homes, so there's every chance she could be seeking out his expertise once again. The family prefers to keep their private homes under wraps on the whole, but occasionally, we get to see glimpses inside to admire the interiors.