(03) 9720 2922

Jansen Walsh & Grace

 


“What should I know about going into a retirement village?”

If you are looking for a good investment, then a unit or an apartment in a retirement village is not a good investment.  People enter retirement villages not for the capital growth, but because of the facilities, comfort, maintenance and security.

 

Not all retirement villages are the same.  Many are very good and the residents live happy lives there.  Some are poorly run.

 

Most retirement villages are either a loan and title or a loan and lease or licence.  This can sometimes be confusing as some sales consultants tell you that you "buying" a unit when, in fact, you are merely leasing it.  However, the retirement village documents tell you which it is.


“Do I have to pay stamp duty?”

No land transfer duty is payable if you are purchasing an apartment or a unit in a retirement village.

 

“My loved one has died.  What happens?”

If you and your spouse or partner are residing in a retirement village and your spouse or partner dies, then, if it is a lease or license, you can still continue to reside there.  If it is a title, you can become the sole owner by survivorship.


“My parent has died.  What happens?”

If your parent dies without a surviving spouse or partner, the executors of your parent's will must obtain a grant of probate, or, if there is no will, the administrators of your parent's estate must obtain letters of administration.

 



“I am leaving my retirement village.  What happens?”

There are two stings in the tail when you leave.  They are in addition to the normal outstanding service charges and the like, which will be payable.


The first sting in the tail will be the cost to reinstate, refurbish or renovate the premises (depending on the terms of the contract).

The second sting in the tail is the Deferred Management Fee (sometimes called by a different name).  This is where the retirement village makes its money.  Some agreements do not allow you to receive any part of the capital gain.  Other agreements allow you to retain any capital gain or any capital loss.  However, the Deferred Management Fee charged by the operator will take a large percentage of any capital gain.  Retirement villages are certainly not a good investment.

 



“I saw a program on TV where residents could not get their money back.  Is my loan to the retirement village safe?”
When the Berkeley Living Retirement Village closed, the residents' exit entitlements were not paid.  Although section 29 of the Retirement Villages Act 
provided that repayment of exit entitlements was secured by a first-priority charge over retirement village land, many residents and their children experienced difficulties getting their money back.

 

Previously, former residents had to first take other legal action against the retirement village operator to get their money before the Supreme Court could act.

 

The legislation has since been amended to make it easier for you to recover your money if the retirement village operator becomes bankrupt or insolvent.

 

The changes remove the need for legal action to be taken against the retirement village operator before the Supreme court can make an order that the land of the village be sold and the revenue be used to pay former residents.

 



“I have something to say about my retirement village”
Now is to time to have your say.  The Government is currently undertaking a substantial review of the Retirement Villages Act.

 

After many years advising retirement village residents, we find that many of the issues being raised in that review are real problems for residents.  In our view, the legislation in Victoria is more favourable to the operators of retirement villages than in New South Wales and Queensland, where residents have greater rights and more protections.

 

Follow this link and have your say engage.vic.gov.au/retirementvillagesact

 

Free advice

We are one of the few firms listed on the website of the Residents of Retirement Villages Victoria Inc.  We offer members a free 30 minute appointment in person or advice by telephone.

 

About us

We have 34 years' experience in providing advice to incoming, current and outgoing residents of retirement villages and their estates.


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 “What are your fees for entering a retirement village?"

 

Advice only without settlement + GST

$395

Lease or Licence and Loan (the most common type of retirement village) + GST

$625

Transfer of title from incoming resident + GST and disbursements

$1 089

The scope of work covered by our prices is confined to this and not unusual or additional or extra work, for example, disputes about the ingoing contribution.  If you request additional or extra work, there will be additional fees in excess of these prices.  
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"What are your fees for exiting a retirement village?"

Advice only without settlement + GST

$395

Surrender of Lease (the most common type of retirement village) + GST

$625

Transfer of title to incoming resident + GST and disbursements

$1 089

We believe that our prices are the cheapest prices charged by retirement village lawyers in Australia.

If your spouse or partner has died and you are both on the title, we put in the title into your sole name.  We believe that our price is the cheapest in Victoria.  We only charge $315 plus GST.  In addition, the Victorian Land Registry will charge you $36.96 and PEXA will charge you $54.01.

If your parent had a title and has died and you have probate, but you need a transmission application to transfer the title to the incoming resident, our price is $320 plus GST.  We believe that our price is the cheapest in Victoria.  In addition, the Victorian Land Registry will charge you $40.10 and PEXA will charge you $36.96.

If your parent has died, you will need a grant of probate, or, if there is no will, letters of administration, order to receive the exit amount or to transfer the tityle to the new resident.  Our fee for most probates of this type is usually $1,250 to $1,425 plus GST and court fees.

 

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The scope of work covered by our prices is confined to this and not unusual or additional or extra work, for example, disputes about the exit amount or reinstatement.  If you request additional or extra work, there will be additional fees in excess of these prices.  



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