22 <strong>Bay</strong> <strong>Harbour</strong> News Wednesday <strong>September</strong> <strong>13</strong> <strong>2023</strong>
Wednesday <strong>September</strong> <strong>13</strong> <strong>2023</strong> <strong>Bay</strong> <strong>Harbour</strong> News 23 keep it local and support businesses in your community Out of the ordinary! We have a unique and varied range of home and giftware...from Picture Frames to English Pewter, Barometers and Brassware, Candle Houses, Terrariums, Books, Original Artwork & Prints and 6 stands of Designer Art Greeting Cards...something for everyone!! TH HOM OF INT R STING LYTTELTON GALLERY 32 London Street, Lyttelton Ph. 328 7350 HIKING BOOTS & SHOES For men, women and children From $79.95 to $250 47c Garlands Road, Woolston Phone 389 3431 www.thefootwearfactory.co.nz YOUR LOCAL ACCOUNTANT WE CAN COME TO YOU! ü ü ü Financial Statement Preparation Tax Preparation & Compliance Xero & MYOB Specialists 7 MARGOT LANE, MT PLEASANT PH: 03 384 4633 MOB: 021 677 670 www.sclarke.co.nz steven@sclarke.co.nz ERENITY NFIDENCE RETIREMENT VILLAGES AND ORA LICENCES – WHAT YOU NEED TO KNOW A retirement village can be a fantastic option, but it’s important to know the ins and outs of them so you can decide whether or not this is the right move for you. They offer many benefits, including maintained accommodation (very attractive if looking after a large garden has become a burden), the chance to make friends with your neighbours in the village, and different levels of services for when needs change. However, these benefits come at a cost and involve a different sort of property ownership from the usual type of home ownership we all know. Most retirement villages use Occupation Right Agreements (ORAs) – an agreement that only grants you a personal right (licence) to live in the dwelling or room in the village. You don’t have actual ownership of the property itself; it still belongs to the village. The personal right/licence comes with various expectations, obligations and village rules that you must be willing to comply with as an occupant, including that you pay for the right. This is an entry fee, and although you pay the purchase price for it, you will not get that same amount back when your occupation right terminates. Why? Firstly, when the licence commences, the village usually deducts a percentage from the entry payment as a contribution to the village. Then there are additional yearly fees to cover, sometimes called deferred management fees. Each year for a set number of years (usually three), the village can deduct a percentage of that entry payment up to a maximum amount. These fees, along with any outstanding village or other fees (for services or utilities), are deducted first, hence you receive less at the end of the agreement than you paid on entry. Because the village owns the property itself, you rarely receive the benefit of any increase in value when the licence is then sold to another occupant. Although moving to a retirement village can be right for you, these factors all require careful consideration. Hence, villages require occupants to seek legal advice around the ORA before it’s arranged, and provide a ‘cooling off period’ after signing in case of change of mind. They also often require confirmation that a valid Will and enduring powers of attorney (EPOAs) are in place. For expert help with ORAs, wills and EPOAs, talk to Charlotte and the team at Saunders & Co Ferrymead. CHARLOTTE GRIMSHAW SENIOR ASSOCIATE SAUNDERS & CO FERRYMEAD OFFICE M 022 462 9810 DD (03) 662 9071 E CHARLOTTE.GRIMSHAW@SAUNDERS.CO.NZ W SAUNDERS.CO.NZ FERRYMEAD OFFICE 987 FERRY ROAD, FERRYMEAD PO BOX 18 CHRISTCHURCH 8140 PARKLING HAMPAGNE WE’RE CELEBRATING OUR 100TH BIRTHDAY WITH A BILLION THANK YOUS. THE HONOUR OF SERVING CHRISTCHURCH FOR A CENTURY MAKES US PROUDER THAN PUNCH. FOR TRUSTED EXPERTISE, LET’S TALK. 03 940 2435 | FERRYMEAD.LAWYER@SAUNDERS.CO.NZ | CITY, WIGRAM, PAPANUI, FERRYMEAD | SAUNDERS.CO.NZ Advertising enquiries Jo Fuller | Ph: 027 458 8590 | jo.fuller@starmedia.kiwi
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