Straightforward agreements, full disclosure and no financial surprises.
A Lifetime Lease
In brief at Balmoral residents pay an Ingoing Contribution at the commencement of their stay in the village and enter a Life Time Lease with the Owner and Manager. The Ingoing Contribution is refunded to the resident or their estate following their departure from the village less a deduction by way of rental dependent upon the length of occupancy. The rental deduction is calculated as a percentage of the Ingoing Contribution for each year of occupancy but is fixed at a maximum of 30% after 8 years. The deduction reduces to 0% after 23 years.
The Refundable Ingoing Contribution is paid to the departed resident or their estate within 14 days of the vacated unit being re-leased and the Ingoing Contribution from the succeeding resident being received.
Easy to understand costs
At Balmoral there are no other deductions from the refund or obligations in relation to sales commission or unit refurbishment costs and the weekly maintenance charge is not payable after the lease term has expired. There are no legal costs associated with exiting the village. It is also important to note that at Balmoral it is the owner who meets major repair costs in relation to the units and the village generally including items such as the replacement of hot water services, stoves, carpets and floor coverings providing long term financial certainty for residents.
The above is only a summary of the arrangements at Balmoral. Prospective residents are encouraged to carefully read all residence documents, fact sheets and disclosure statement and take legal advice before making a decision.