Australia is fortunate enough to be an aging population. The Australian Bureau of Statistics suggest that by 2101 there will be 11.2 million Australians over the age of 75, which means that Australia’s population over the age of 75 will increase from 6.5% to 16.15% of total population.
There are reports that some residents are choosing to pay up front years in advance to secure their spot in retirement villages most of which are “over 55” estates.
Accommodation in retirement villages offer independent living and this should not to be confused with aged care facility (which offers high level of care).
HHG Legal Group (HHG) is an award winning law firm incorporating three long-established WA legal practices, Hudson Henning & Goodman, Wheatleys Legal and Nicholson Clement that were founded in 1919, 1936 and 1963 respectively.
We understand that moving into a retirement village is not only a lifestyle decision but also a major financial decision. Retirement village contracts are extremely comprehensive often running over 200 pages once the disclosure documents are included. It is important for residents to understand their rights, financial commitments and other obligations. There are various types of residence contract but they all normally include entry, ongoing and exit fees. In our experience residents (and their family) do not fully understand that exit fees can be quite substantial and the process by which such exit fees are calculated.
How HHG can help
We have extensive experience:
- Assisting retirement villages draft the agreement to lease, residence contract and deeds of variation and release;
- Assisting retirement villages comply with their disclosure requirements under the Retirement Villages Act 1992 (WA);
- Providing independent legal advice to incoming residents. We provide ‘plain English’ advice setting out the legal and financial obligations of the residence contract including entry, ongoing, exit and ‘out of pocket’ charges;
- Assisting outgoing residents calculate and understand the exit charges;
- Assisting incoming and outgoing residents (or their estate) manage the settlement process; and
- Assisting incoming and outgoing residents with their Estate Planning requirements.
This is general information only, and does not constitute specific legal advice. If you would like further information in relation to this matter or other legal matters please call one of our Retirement Villages team:
Jason Chanlongsirichai (Associate)
Ben Appleby (Clerk)
Simon Shinkfield (Clerk)
HHG Legal Group is proud of the quality of service which our team deliver. We are therefore prepared to extend to our medical and allied health professional clients, our client satisfaction guarantee outlined below. We believe this guarantee sets us apart from our competitors as an innovative and truly novel offering.