“Ownership” is by way of “Life Right”. In order to secure a cottage or an apartment in Woodside Village, a new resident pays a sum of money (“purchase price”) termed a “Loan Consideration” to the MWVT. This secures a cottage or an apartment for the life of the “Occupant” and of the surviving spouse/partner (i.e. current spouse/partner at the time of signature of the Life Right Agreement). The Loan Consideration, which includes approved extras and installations, is refunded on cancellation of the Life Right Agreement out of the proceeds of the resale of the Life Right, less any costs required to reinstate the unit to its original condition. The resident will not be charged for fair wear and tear.
The surplus on the resale of life rights, if any, accrues to MWVT. The Trust undertakes to make funds available to ensure that the high standards of the village are maintained.