About Life Right
How our Assisted Living Suites are soldOur Assisted Living Suites are sold on Life Right. Here is what that means, how it compares to buying sectional title, and why many retirees find it the simpler choice.
What is a Life Right?
A Life Right gives you (and your spouse) the right to live in your suite for the rest of your lives. You pay once, upfront, and Manor Health Services owns the life rights, so no title deed changes hands.
Life Right schemes are regulated by the Housing Development Schemes for Retired Persons Act (Act 65 of 1988), the same Act that governs Helderberg Manor as a retirement village.
Why choose Life Right?
Lower entry cost
A Life Right is typically priced below the ownership value of a comparable unit, so more of your capital stays available for living and care.
No transfer duty
Because ownership does not transfer to you, no transfer duty is payable on your purchase.
Security for life
Your right to live in your suite is protected by law for as long as you honour the terms of your agreement.
Simpler for your family
There is no property to transfer through your estate. When the life right is sold to a new owner, the proceeds are paid to your estate as set out in your Life Right agreement.
Life Right vs Sectional Title
| Life Right | Sectional Title | |
|---|---|---|
| What you buy | The right to live in the unit for life | Ownership of the unit, with a title deed |
| Upfront cost | Generally lower | Generally higher |
| Transfer duty | None | Payable, depending on price |
| On your passing | Proceeds from the sale of the life right are paid to your estate, per your agreement | Property transfers or is sold through your estate |
| Capital growth | Not shared with the resident | Owner benefits from any growth |
A note on tax
Life Right purchases do not attract transfer duty. Because you don’t own the unit, you also don’t share in its capital growth. Tax treatment depends on your personal circumstances, so please speak to your financial adviser.
VIEW ASSISTED LIVING SUITES
SPEAK TO A CONSULTANT
This information is a general guide only and does not constitute legal, tax or financial advice. The terms of each Life Right are governed by the individual Life Right agreement.
Location
Helderberg Manor Retirement Village,
Heritage Park, Somerset West
Telephone
+27 21 851 0738 Sales Office
Antoinette Gouws
antoinette@devmark.co.za
073 784 7474