legal and financial information
If you decide to become a resident of Kenilworth Gardens Retirement Village (KGRV), you or your legal representative will be given full copies of all documents involved. In addition to the documentation, retirement villages are subject to the Retirement Villages Act 1999 and the Retirement Villages Regulation 2009.
Information provided in this document is not to be seen as a substitute for independent legal advice, which you are urged to obtain if you have not already done so.
Description of Legal Terms
As KGRV enters a new 99- year lease with each new resident, the legal terms used differ from those used in a sale of land. Outlined below is a general translation of the main legal terms:
- The Resident is the incoming or prospective resident.
- The Premises means the enclosed area of the villa, unit or serviced apartment.
- A Residence Contract takes the place of a Contract for Sale.
- The Ingoing Contribution is the agreed price.
- Completion is also called settlement, which is when the Ingoing Contribution is paid.
- Recurrent Charge means any amount payable under a Residence Contract on a recurrent basis and includes Lease Rental, Service Fees (for Serviced Apartments) and Monthly Levies.
The Residence Contract provides for the payment by the Resident of an Ingoing Contribution. The Residence Contract is conditional upon approval of the Resident as a resident of the Village by the Operator and vacation of the Premises by the previous resident.
On completion, a Lease is granted to the Resident, conferring a right of exclusive occupancy of the Premises, with a right of shared use of the common areas within the Village, for 99 years. The Lease is registered on the title of KGRV.
During this term, only the Resident may use or occupy the Premises as a residence. The Lease is not assignable. The Resident may share the Premises with another person only with the consent of Management.
The Resident will be required to maintain the Premises in good order and condition and to pay a monthly contribution towards the operating expenses of the Village.
The Lease Rental is the rent payable to the Operator as landlord, by the Resident. The Lease Rental is not subject to increases during the term of the lease.
Service Contract (Serviced Apartments Only)
For residents of our Serviced Apartments, the Operator agrees to provide Residents with various services including:
- Cleaning of the Premises once a week
- Laundry of bed linen and towels
- Electricity and central heating
- Garbage collection
The Resident pays the Operator a service fee by monthly payments in advance on the first day of each month. Various additional services are available (on request) on a user pays basis.
A Monthly Levy (or Recurrent Charge), payable monthly in advance, covers your proportion of operating expenses of the Village and is similar to a strata levy. The Monthly Levy is based on the floor space for each property in proportion to the total lettable area of the Village.
Items covered by the levy include the following operating expenses:
- Upkeep of Kenilworth Gardens grounds
- Building and Equipment maintenance (Residential and Common Areas)
- Fire and Public Liability Insurance
- Administration Costs
- Village Care Coordinators 24/7 /li>
- Mini-Bus Hire
- Capital Maintenance
- Replacement and Depreciation of non-fixed Capital Items
- Cleaning of Common and Service Areas
- Electricity and Gas for Common Areas
- Property and Water Rates
- Operator’s Administration Fee