FAQ
What is a leasehold?
Residents in leasehold retirement resorts enjoy a secure level of protection and
entitlement, as governed by the Retirement Villages Act in Queensland. Under a leasehold arrangement residents do not own the building or the land on which their home is built. The resident’s tenure is secured by a life-long lease of the unit. The resident’s interest is registered at the Office of Titles as a ‘charge’ on the land, which gives them protection and priority as determined by the Retirement Villages Act.
Currently in most states, residents enjoy a considerable saving by virtue of the Leasehold interest. As there is no transfer of Title, residents are not required to pay stamp duty on the purchase of their home, which provides significant savings.
What does it mean by Non-Participating & Participating lease?
In a Non-Participating Lease, the lease holder does not benefit from any capital gain of the unit. In a Participating Lease, the lease holder participates in half the capital gain of the unit for a premium on the purchase price.
Do the Prime Trust resorts operate under the Retirement Villages Act?
Yes, Hibiscus Morayfield operates under the Retirement Village Act, which provides residents with clear rights and entitlements.
You should also be aware that many “Over 50’s” communities are not Retirement Villages and not bound by the Retirement Villages Act.
Do you have an Emergency Call System?
Yes, there will be an Emergency Call system provided at Hibiscus Morayfield, and monitored 24 hours a day, 7 days a week.
What happens if I leave the resort?
Once you leave the resort permanently, the lease on your home is resold to a new resident. The price achieved from this sale will depend on several factors including recent sales history, vacancy rates and general market conditions. The original lease amount, plus any applicable capital gain minus the exit fees as per your lease, will revert back to you or your Estate.
What does the General Service Fee cover?
The General Service Fee payable at Hibiscus Morayfield is in keeping with the ‘resident-funded’ concept; whereby the residents of the retirement resort share all day-to-day costs and management expenses. It should be noted that these charges are calculated on an actual cost basis and are subject to annual review by the residents.
There is no profit component in Service Fee revenue for the Operator. A budget is presented to the residents each year for approval and the outgoings are clearly defined in that budget.
The General Service Fees cover the following types of costs:
• Management and Administration
• Exterior pest control
• External building maintenance
• Gardening & minor maintenance
• All council rates (general water and land)
• Building and Public Liability Insurance
• Bank, Audit and Legal charges relation to the operation of the resort
• Water, light & power to community facilities
• Preventative maintenance of the recreation facilities
• Security provisions
• Maintenance Reserve Fund
• Cleaning of recreation facilities
• Staff wages & related costs
Note: the electricity, telephone, contents insurance and general day-to-day cost of living expenses needed to run your home are your own responsibility and not covered by these charges.
What are Exit Fees?
The Exit Fee is comprised of two components; a Fixed Fee and a Variable Fee. The Fixed Fee is an administration fee for terminating and transferring your lease to
a new resident.
The Variable Fee is based on a percentage of the resale price of your unit. The Variable Fee is a fee deducted from the resale of your home after a new resident takes up residency of your unit.
Without Exit Fees the initial buy-in cost to a retirement resort would be substantially higher because of the substantial costs of providing all the resort’s facilities and infrastructure to an exclusive community.
In essence, Exit Fees provide you with access to more money for your enjoyment during retirement as you only pay the fee once you have left the resort.
What is the Capital Replacement Fund (CRF)?
Under legislation, a separate fund is established by the operator to provide for the ongoing long-term replacement of the resort’s capital items. Expenditure is undertaken each year in accordance with an independent Quality Surveyor’s Report.
Are my special needs taken into account?
Yes. Our resort has been designed and is run for the over 55’s seeking the lifestyle you deserve in a special community designed for you!
What are the activities?
There is a huge range of activities available in every Hibiscus Retirement Resort. A sample of some of the more popular are snooker, indoor bowls, cards, craft, bingo, Tai Chi, trivia and movie nights, mature age exercise, art and creative writing just to name a few. You are completely free to retain any interests and activities in which you are already involved or to take advantage of anything that appeals to you within your Resort. The choice is always yours!
Who looks after my Garden?
You are responsible for your back garden if you have one. The Resort gardeners look after all common area gardens and mowing of common area lawns.
Am I allowed to bring my pet?
Yes, approved pets are allowed in our resort. In the event permission is granted, the
permission will be deemed to automatically lapse upon the death of the specified pet.
Are family and friends allowed to stay and for how long?
Of course, it’s your home – visitors are allowed to stay for up to four weeks. Beyond four weeks, it’s usually not a problem, though you need to notify the Resort Manager of the additional time frame – this is simply for security reasons. Your family and friends are welcome to come visit you at any time and they are welcome to use the facilities at our resorts, as long as a resident accompanies them. After all, it’s your home and we encourage you to use it that way.
What is the role of the Resort manager?
The resort manager is based on-site and is in charge of the day-to-day administration of the resort, as well as the hiring and supervision of any resort employee or contractors. The manager is the primary contact point for residents. If you have any queries or concerns when living at Hibiscus Morayfield, then the resort manager is there to assist.
What happens if I want to travel?
You are free to come and go as you please. If travelling for any length of time, just let the Resort Manager know where to send your mail – and pack up, lock up and have a great time!
