Financial Plan
This is a "Resident Funded Village", which quite simply means that the resident's ingoing "Purchase Price" and the weekly maintenance fee secures their selected accommodation and the right to the use of the facilities and services provided in the Estate.
The "Purchase Price" includes a refundable deposit and a Community Facility Fee. In each case, on termination of the licence, the licensee is repaid the full refundable deposit plus any unamortised portion of the facility fee when the licence is resold.
We welcome the new Retirement Villages code of practice, which came into force on 2nd October 2009.
Intending residents have new rights and must be given:
| The village disclosure statement |
| The village occupation right agreement |
| The village Code of Residents Rights |
| The Retirement Villages Code of Practice 2nd October 2009 |
Retirement Villages have different requirements than ordinary residential housing. Prospective residents and their advisers need to be assured that not only will the occupation of the house be available but that all of the other facilities that have been promised such as a chapel and serviced apartments will become available.
An ordinary unit title or cross lease does not provide for a mechanism to enforce the provision of promised services within the village or afford the benefit of trustee supervisor.
An "occupation licence" was finally chosen as being the best option. With this system the residents will have the benefit of the Trustees Executors Ltd as Trustee, acting in the interests of the residents. Only five Trustee companies are recognised by the Government as being able to act in the capacity of Trustee for Retirement Village residents. The Management of The Falls Estate is responsible and answerable to the Trustee.
The Trustee ensures that all of the facilities promised are provided and that the village management perform their tasks correctly.
When the money for the home is paid over through the Trustees Executors Ltd, the Trustee supervisors the transaction. The interests of the purchaser are secured against the Falls Estate Village complex through a Mortgage held by the Trustees Executors Ltd.
Moving into a Lifestyle village is not a financial investment, but rather an investment in your life. The effective security, companionship and full use of all the community facilities for friends and family make The Falls Estate the ultimate living experience in your retirement years.
Ailsa and Graham Tiplady handle the village administration and sales and are available anytime to discuss the financial plan with you in more detail.
Protection for your Investment
As security for each resident(s), the Statutory Supervisor, "Trustees Executors Ltd" holds a mortgage over the land and buildings comprising the Estate, protecting the rights and interests of licence holders. This, together with the Deed of participation, ultimately provides residents with security for their refundable deposit and unexpired portion of the community facility fee.
In addition, the Statutory Supervisor reviews, on behalf of the residents, the detailed operational budgets, management accounts and statutory accounts of the Estate Schemes, and reports relevant matters to residents on a regular basis.