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Clear Sole Title to Your New Home
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 Apartment is uniquely identified within this allotment and specific title is given to each individual Apartment.
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.
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 agent’s fees or selling commissions on entry or exit provided the unit is sold by the operator and there is no NSW stamp duty on the sale. Your legal costs are also limited to $300. Should you, on exit, elect to appoint an external selling agent it will be up to you to negotiate the agent’s fees and/or selling commissions.
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.
Leura Fairways apartments are sold under a 99 year leasehold agreement, which resets upon selling and under this system you gain the benefits of private ownership without the usual unwanted responsibilities of rates, taxes and maintenance associated with other forms of title. Management takes over those duties on your behalf. When purchasing an apartment, you will be required to pay Title registration fees, Stamp duty on your lease and legal fees however you only pay a fraction of the Stamp Duty payable on normal freehold and no GST is payable on the recurrent charges. Your apartment is also refurbished to the Leura Fairways standard prior to resale to ensure on-going quality is maintained.
You are free to let your Apartment at any time however restrictions on rental terms do apply and the person renting will also have to be over 55. We expect that children are a part of your life and we hope you will keep up your family ties. Children are always welcome and may reside with you under the same conditions as other guests. We also have two guest apartments available if required.