Titles

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As a resident you receive clear sole title to occupy your new home and title to use and benefit from all the services and facilities offered by the village.

Each unit is uniquely identified within this allotment and specific title is given to each individual unit by a fully assignable and saleable real property lease. The lease is issued at the point of occupation and is renewed on re-sale. At both these times the lease is written for a period of 99 years. This ensures the title of the property is not diminished on re-sale and so protects the value of your investment. In addition to this you are also protected from any claims that may arise against the freehold title of the village as a whole. Your secure leasehold title can be sold to any person who has attained the age of fifty five years.

This clear and simple title provides you absolute security of occupation in your new home, flexibility to resell as the worth of the property escalates and minimizes your costs and government charges on entry.

There are further enticements to the Title. Leura Fairways offers a Deferred Management Fee (DMF). The DMF is consideration to the Owner as a fair and reasonable compensation for subsidising the capital cost of common property and making land available for the construction of the Village and accessible landscaped gardens. Currently the DMF is calculated at 1% per annum on purchase price and half of the capital gain, it is payable when the apartment is sold. The DMF is capped at 10 years. We also offer you an option to pre-pay this fee. You are free to sell at any time should your circumstances change. Just contact management and they will advise you. Please feel free to discuss the DMF with us and there are documents available to assist you with your calculations.

THE SECURITY OF LEASEHOLD
The major advantage for a resident in a Leasehold Title Retirement Village is that the operator has a long-term financial interest in the continuing success of the village. The operator of a leasehold village is the party bound to provide the services, facilities and maintenance.

The rights and obligations of residents are clearly set out in the lease, and cannot be changed without residents’ consent. Continuity of management is ensured by leasehold, and residents of a leasehold village need not be concerned with management issues and village infrastructure if they so prefer.

A resident may also appoint the operator to “sell” his or her residence – for who knows better than the operator, who has intimate knowledge of the village, its workings and the necessary documentation? There are no agents’ fees or selling commissions on entry or exit and a considerable saving on stamp duty is achieved.

Security of tenure is guaranteed by registration of the leasehold interest at the Lands Titles Office. Your lease is for a term of 99 years.

We offer a deferred management fee. Detailed spreadsheets are available to peruse at your convenience.