A life lease is a specific kind of written tenancy agreement. Under a life lease, a tenant pays an entrance fee for a rental unit. Westman Lions Manor life leases are for the life of the tenant. The tenant also pays rent each month, based on their proportionate share of operating costs.
How is the entrance fee amount determined?
When a life lease complex is built, the construction cost is determined for each apartment. A lender is approached to see how much financing is available, and then the difference between the construction cost and financing is calculated. The entrance fees of the first tenants to lease apartments are based on the difference between the construction costs and the amount of financing available from the lender.
How secure is my entrance fee?
Very secure. Entrance fees are protected by a share in the value of the building through an interest registered in the tenants' names against the property title, with this mortgage being held by an independent trustee. Entrance fees are refunded in full should a resident terminate their lease and vacate the apartment. The entrance fees of new tenants are used to repay entrance fees to tenants who terminate their lease. A trust account called a refund fund, may also be used for the repayment of entrance fees.
What would happen to my entrance fee in the event of my death? The entrance fee would be refunded in full payable to your estate.
Who is allowed to live in Westman Lions Manor? Residents must be at least 55 years of age and able to live independently. However, residents who are 55 or older with a younger partner are also eligible to live here.
Is the Manor only for couples? Both one and two bedroom life lease apartments are available either to couples or individuals.
What is the process for placing my name on the waiting list? Simply download the application forms, print, and mail or make an appointment to bring into our office. There is a $100 deposit required per building. This deposit is refunded should you request your name be removed from the waiting list. Otherwise it will be deducted from the entrance fee owing. Once we receive your application and deposit, we will enter your name on the waiting list and issue a receipt.
Can I assign my life lease to a third party or sublet my apartment? Leases may not be assigned or the apartment sublet due to our waiting list.
Will I be allowed to keep a pet? No pets are allowed in the building, including to visit.
How secure is the building? Modern security systems are incorporated into the building including deadbolt locks on all apartment doors and controlled access via an enterphone system. All building entrances are keyed.
I am concerned about the chance of fire in the building. How has this been addressed? Non-combustible construction techniques were incorporated into the design of the building. Apartments, hallways and common areas are equipped with modern automatic smoke and fire detection and alarm equipment.
Is smoking allowed? Smoking is not allowed in the building, including on apartment balconies.
Is there parking available? Yes, parking is available for all residents on site. Visitor parking is available in the area.
Can my monthly rent increase? As the building is managed on a non-profit basis, there is no motivation for the rents to increase. However the monthly operating costs of a non-profit life lease, such as property taxes and/or utilities can increase, and therefore the monthly rent could increase to cover these costs.
How long is the waiting list for life lease apartments?
The current wait for a one bedroom apartment in the original building is a minimum of 10 years. The current wait for a two bedroom apartment in the original building is a minimum of 15 years. The current wait for an apartment in the newer addition is also a minimum 15 year wait. Wait times are based on the length of the waiting lists and the average tenant turnover. Should an applicant have a preference as far as layout, the wait could be significantly longer than the above. Wait times are subject to change.