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Lease For Life

Discover the Benefits of Retirees WA’s “Lease for Life” Arrangements

At Retirees WA, our “Lease for Life” option offers seniors a secure and affordable living arrangement in independent living units. This lease agreement provides long-term stability and peace of mind by allowing residents to lease a unit for up to 60 years.
Additionally, our lease-for-life agreements relieve residents from the burden of Stamp Duty and Local Council Rates, offering considerable financial respite. This, along with our low maintenance fees, provides significant financial relief.

How the “Lease for Life” Works

Choosing a “Lease for Life” with Retirees WA means purchasing the lease at market value, granting you the exclusive right to occupy the unit and use all common facilities. The lease ends when the last occupying resident vacates the unit. Unlike traditional home ownership, the land title does not transfer to you.

Financial Details and Costs

During occupancy, residents are responsible for the following costs:

  • Monthly Maintenance Fee: This covers common village expenses such as administration, pest control, building insurance, utilities for common areas, gardening, rubbish removal, and maintenance. The fee is reviewed annually.
  • Utility Charges: Residents pay for their unit’s water, electricity, gas, telephone, and other service charges.

Maintenance and Responsibilities

As a resident, you are responsible for maintaining and repairing your unit only from the back fence to the outside of the front door. Retirees WA ensures that common areas are well-kept, covering these costs through the village maintenance account. This means you can enjoy a low-maintenance lifestyle, focusing on what matters most to you.

Insurance and Pets

Retirees WA insures the unit, original fixtures, and light fittings, but you must insure your personal belongings. Pets are allowed at the discretion of Retirees WA, and a “Request to Keep a Pet” form must be completed.

Understanding the Outgoing Refund

When the lease ends, the outgoing refund is calculated by deducting certain fees from the new resident’s ingoing payment:

  • Deferred Management Fee (DMF): 2.5% of the subsequent resident’s ingoing payment per year, capped at 25%.
  • Major Refit Contribution (Sinking Fund): 1% of the subsequent resident’s ingoing payment per year, capped at 10%.
  • Additional Costs: Including outstanding maintenance fees, water usage, selling fees, settlement fees, and refurbishment costs.

The outgoing resident or their estate receives the payment within 7 business days after the subsequent resident pays for the lease.

Why Choose Retirees WA?

Choosing Retirees WA’s “Lease for Life” offers numerous advantages:

  • Security and Stability: Long-term leasing provides peace of mind.
  • Community Living: Enjoy the companionship of like-minded seniors in a supportive environment.
  • Reduced Living Costs: Exemption from Stamp Duty and Local Council Rates ensures affordable living. Low monthly maintenance fees further enhance financial relief.
  • Low-Maintenance Lifestyle: Focus on enjoying your retirement while we take care of common area maintenance.

For more details about our “Lease for Life” contracts, the Retirement Villages, or any other inquiries, please contact Andrei at 08 9362 0191 or email andrei@retireeswa.com.au.