FAQs

The first step in leaving the Village is to fill out an “Intention to Vacate” notice or in the case of death, the family fill in the “Death Notification” form.

After you have left, the next step is for your family or friends to pack up and clean the unit. Once this has been done and all keys and remote controls are handed into the Village Manager, the Village Manager will then give you a “Vacant Possession” form to complete.

The Village Manager does the first inspection of the vacant unit and if he/she feels the unit has been left empty, clean and tidy, the Vacant Possession form will be forwarded onto Centennial Living.

Centennial Living will arrange for the builders to complete a Scope of Works. If your family wish to attend when the scope of works is being prepared , they are welcome to do so. The Scope of Works cannot be undertaken before Vacant Possession is provided, as the extent of reinstatement works necessary cannot be fully assessed while there is furniture in the unit.

The Scope of works is then sent to your nominated representative for acceptance to undertake work as set out in the Scope. In general, work does not commence until the acceptance letter is signed.

Refurbishment work will usually commence about one week following the authorisation being signed and will take from 6 to 12 weeks depending on how much work is required.

Centennial Living wants to ensure that your unit sells as quickly as possible, for the highest price, and refurbishment of the unit is an important factor in achieving this goal.

Every 6 months or so, Centennial Living undertakes a review of unit prices based upon residential house prices and recent village sales.  From time to time, this review will also consider prices derived from independent valuations undertaken. Following these reviews, the prices are established and published in the Village Fact Sheets.

Pricing of individual units in the village (within the price range published in the Fact Sheets) is set based upon a number of factors including: the quality of the refurbishment; the position and orientation of the unit; any additions or alterations; recent demand for similar units; and the price expectations of the outgoing resident or their family.

Village marketing takes a variety of forms and includes specific unit advertising as well as marketing to raise general awareness and interest in the Village itself. There is a comprehensive marketing program undertaken throughout the year which covers a variety of advertising forms, including an extensive online digital presence.

Display units are rotated through the village to reflect the various unit styles and these are open at each Village for prospective new lessees to view.

Unlike the sale of a suburban home, where the outgoing resident is responsible for 100% of the marketing costs, for residents with a marketing contribution determined in their contract, this fee generally covers around half of the costs of the advertising and promotion, with the other half contributed by Centennial LIving.

Your residence contracts specifies how long you are responsible for the payment of service fees after leaving the village. Generally speaking, the outgoing resident is responsible for the payment of service fees for 90 days/three months after Vacant Possession or until a new resident commences a lease of the unit whichever is the earlier (but some contracts specify 6 months).

In practice, the Residents’ Services Association stop billing you after you have left the village and then after the 90 day/3-month period they start billing the owner so that the other residents do not need to subsidise the vacant unit. The amount you owe is then generally deducted from the amount due to you on settlement of the exit entitlements after re-leasing and paid directly to the Residents’ Services Association.

Following termination of your lease, your exit entitlements will be calculated in accordance with your residence contract. The components of the calculation differ from one contract to another, so the following is just a guide:

• You will be entitled to the return of your loan;
• If you have a Participation contract, you may be entitled to part of the ‘capital gain’ which is the difference between the loan paid by the incoming resident and your original loan amount. but you may be required to pay a contribution towards the cost of refurbishing the unit so that it is in a fit state to be marketed to a new resident;
• Simplicity contracts have no entitlement to capital gains but also no requirement to contribute to the costs of refurbishing the unit (under normal circumstances);
• And you may be required to pay an exit fee as described in item 2 above.

Outgoing residents will receive an estimate of their exit entitlements based upon a range of estimates and assumptions, but unless otherwise specified in your lease or agreed, the exit entitlement payment is calculated on actual costs and selling prices.

Exit entitlements are generally payable 14 days after the Turnover Date, which is the day on which a new resident commences a lease of the unit. In practice Centennial strives to make the settlements simultaneous for receipt of the loan from the new resident and payment of Exit Entitlements to the outgoing resident.

Between the granting of Vacant Possession by the out-going resident and the settlements on Turnover Date, the owner provides funding for all of the refurbishments including those payable by the outgoing resident, payment of service fees to the Residents’ Services Association after expiry of the 90 day/three-month continuation period and all of the sales and advertising costs to locate a new resident.