What are life rights?
A Life Rights agreement is a wonderful agreement in that it allows both you and your partner a secure home for the rest of your life.
Finally, you can have peace of mind knowing that you will have a home that is safe and secure and that you will have the lifestyle that you longed for.
Some of the advantages of Life Rights are:
Unlike with sectional title there is no property transfer. There are no bond registration fees, no transfer duties and no VAT is payable. You can therefore avoid all the negative costs that sectional titles have. This is the reason that buying a Life rights unit is so much less expensive to purchase.
Our cottages are offered with Life-long Rights. The cottages are solely available to people of 60 years and over.
However, there are running costs which DO have to be paid. E.g. Levies, electricity, water, telephone and refuse.
When you purchase a Rynpark Association cottage you will have life-long occupancy of a lovely one, two or three bedroom cottage in exchange.
The cottages are maintained on the outside by Rynpark Association and the inside by the Occupant. The cottages mostly stand apart from each other and are surrounded by beautiful gardens.
It is a Retirement Estate with a difference. Our residents are extremely proud of their cottages and gardens and it shows.
Please note that if you wish to move out after you have had occupancy for a certain amount of time you will get progressively less money back.
In the case of you wanting to terminate your life right contract you will be refunded 80% of your purchase price if it is in the first year. If you terminate during the second year 60% will be refunded. The third year 40% will be refunded There will be a 20% refund the forth year. Thereafter no refund at all.