Important Information
Tell me about the process in applying to join Linrose Village
Having viewed the Village and Residence of interest, read the information provided, discussed it with family, friends and any advisors, the next stage is to meet with the Archer General Manager or their designate.
This meeting is to offer you further insights into the life of Linrose and enable you to discuss any outstanding questions you may have. Subsequently, an official Linrose Application Form is usually completed in conjunction with the General Manager or their designate. It is like placing a ‘conditional offer’ on the residence chosen, and is often subject to things like selling your home and your Lawyers approval. The next stage is to complete the Occupation Right Agreement (ORA) and this must be done with your Lawyer. This is usually completed and signed at the confirmation of your conditional offer. Once this has been signed by you and your Lawyer, then there is what’s termed, a ‘Cooling –off period’, where you have a further 15-days to terminate your interest in the residence on offer, for whatever reason you choose. It’s only after this Cooling-off period that your ORA becomes unconditional, and final settlement occurs, allowing you to move in to your residence.
About the Licence
The Licence
Linrose is registered under the Retirement Villages Act 2003. When
people choose to move into one of our residences in our Village, they
are buying an occupation right, which is called an Occupation Right
Agreement or ‘ORA’. This ORA allows you to occupy a residence in the
Village.
Furthermore your interests are protected by what’s
called, a Memorandum of Encumbrance. This security is a registration
over the land titles of the Village property. It’s like a first
mortgage over the property, and is held in the name of an independent
third-party called a Statutory Supervisor. This Statutory Supervisor
oversees and protects Residents’ interests in their ORA, and monitors
our day-to-day running of the Village. This arrangement between both
parties is set out in a document called a Deed of Supervision.
Overall,
it gives resident’s comfort to know their interests have a high level
of legal protection with an independent watchdog monitoring their
interests.
About the Fees
Archer strives to offer an affordable range of services and fees.
Lifestyle
Retirement Villages have two main costs attached to the ORA’s offered
to residents when they choose to come into a Registered Retirement
Village, like ours.
1. Village Contribution Fee
The
Village Contribution Fee relates to maintaining the Village to a high
standard of presentation and maintenance. This cost is shared among all
the residents and operates on an ‘enjoy now, pay later’ basis. It is a
fee that is deferred in payment and payable only when you terminate
your ORA. Currently our Village Contribution is 5% annually for
5-years, with a maximum fee of 25%, all calculated on a daily basis.
2. Weekly Fee
The
Weekly fee covers things like rates, insurance (not personal cover),
security, gardening, window cleaning, maintenance, access to the
Village weekly activities and our Special Events.
The Weekly fee
payable has any annual increase capped at a maximum of 3%, so please
check with us about the current rate for the Weekly Fee. However
Linrose offers an alternative to an annual increase in Weekly Fees
called our Zero-fees Increase option.
Zero-Fees Increase option – exclusive to Archer
With
this Weekly fee, Linrose also offers an exclusive ‘Zero-fees increase’
option. This option, offers no further increases in your weekly fee for
the rest of your stay in our Village! Enjoy peace of mind, with the
knowledge that your weekly fees will not increase annually, ever! Yes,
there is one condition, we add an extra 1% to your final Village
Contribution Fee when you terminate your ORA. For many however, the
certainty of no weekly fee increases ever, means they have peace of
mind with their daily budgeting.
This
information disclosed is of a general nature only, with the sole
intention to help explain some of the terms and conditions associated
with Retirement Villages. All intending residents are required to
receive independent legal advice before any commitment is made.
Detailed information about these fees and our regulatory obligations,
including our Occupation Right Agreement, Disclosure Statement, Deed of
Supervision, Residents Code of Rights, Code of Practice, and other
documents are available on request.
Archer Finance Assistance
At times people have been very keen to move into the Village but their financial position makes it just a bridge too far, leaving no ‘nest egg’ for enjoying life today.
Perhaps we can assist? Our Investment goal, of ensuring affordability, for people wanting to come to Linrose might help. Sometimes the assistance with a small loan can be that bridge that allows you to join us. Please discuss this with us if this could make the difference for you.
Could I take possession before my house has sold?
Archer will consider requests for early possession into your new residence where there is a need, and you are waiting for funds to be settled on your current home.
We understand that it’s a big change and people often like to move furniture in prior to moving in as well. We like to be able to offer that service to you.
Resale Costs
When you choose to terminate your ORA Archer takes on the responsibility of marketing the residence on your behalf.
You will not be charged for refurbishment resulting from normal wear and tear, any marketing fees or Real Estate Agent commissions.
We also keep you informed of the sale by providing you with a monthly Marketing Report.
