The first step in ensuring that you enjoy the rest of your life is to make sure to make an appointment with the Site Managers, who will explain the life rights that you will secure when you purchase at any of the Alan Woodrow Parks. Your needs are unique, and they may vary from the standard requirements listed below. Consideration will be given to reasonable exceptions.
Right of occupation of a particular cottage can be obtained either by paying in full for the right, or by placing a deposit and signing the agreement indicating the terms an conditions on which you need to pay the balance.
Should you wish to withdraw from the agreement before taking up residence, your payment will be refunded in full to you or your estate after another resident has been found.
The cost of right of occupation is predetermined. Should payment be delayed beyond the negotiated period, interest will be charged on the outstanding amount at 2% above the ruling prime overdraft rate. Should an unforeseen event arise, the General Manager will gladly discuss the problem with the signatory to the agreement.
In the event of death of the surviving spouse or the vacation of the home after occupation, the following payments will be made to the deceased's estate or the person concerned as follows:
• During the first year, 90% of the new resale value
• During the second year, 80% of the new resale value
• During the third year, 70% of the new resale value
• During the fourth year, 60% of the new resale value
• During the fifth year and thereafter, 50% of the new resale value
The resident or the estate's nominee is responsible for the levy for the notice period of three months or until the residence has been vacated, whichever comes first.
The resident or the estate’s nominee is responsible for the levy until the life right re-sale has been concluded.
In the event of the agreement set out above being terminated AWP will use its best endeavors to raise a fresh market related loan.
The resident or the estate's nominee is responsible for the levy until the Life Rights has been sold to a new Life Right Owner.