South Africa's top security estates: Waterfall Estates
Category News
As the demand for safe and secure living continues to grow in South Africa, there are a number of state-of-the-art security estates that have risen to meet this demand. This month we deep dive into Waterfall Estates.
About Waterfall Estates
Waterfall Estates is the largest property development in South Africa. This unique estate offers its residents the opportunity to enjoy a sought-after lifestyle living in a secure, community-centric environment that is ideally located just a stone's throw away from the financial hub of Sandton.
The vast Waterfall Estates development is comprised of five luxury estates, including the high-end Waterfall Equestrian Estate, Waterfall Country Estate, Waterfall Village Estate, Waterfall Hills Retirement Estate and the Waterfall Valley Retirement Estate; as well as a number of smaller residential, retail and office developments. Properties in these estates range from luxury multi-storey mansions in the sought-after Waterfall Equestrian Estate, to moderate sized homes and sophisticated apartments - catering to a wide range of buyers.
The appeal of the Waterfall Estates is that it gives its residents an unparalleled lifestyle with access to a number of top-of-the-range facilities from exceptional restaurants, high-end shops, gyms, equestrian facilities, excellent medical facilities and private schools - not to mention hundreds of acres of indigenous greenbelt - all within the estate boundaries.
Security
When you're looking at an estate the size of Waterfall Estate, security is massively important and poses a serious challenge to the developers. Providing its residents with the best possible security - to ensure their safety and peace of mind when they're at home or travelling - is at the forefront of Waterfall's design thanks to a number of state-of-the-art security measures that are in place. This includes: a 4m reinforced concrete perimeter wall that is topped with electric fencing, CCTV cameras placed around the estate which are monitored by an onsite security team, fingerprint access control for residents and a visitor management system.
What you need to know about their 99-year lease
If you're considering purchasing a property or building a house in one of Waterfall's estates, then you'll need to understand their 99-year lease process. According to their website, when you decide to purchase a home or build a property on one of the estates or developments, you will not own the property in freehold but rather hold a long term (99 year) lease, which can be extended as many times as you'd like, with each extension restoring the lease period to 99 years. This means that, as the buyer, you are purchasing limited rights to occupy the home/stand.
So, how does it work?
The Waterfall Estates website describes the 99-year lease process as the following:
"On the initial registration of the lease agreement, the lessee pays to the lessor a once off upfront lump sum lease amount, for the right to occupy the land as per the agreement for a term of 99 years. The lease term commences on the date of registration with the option (at the election of the lessee) to renew or extend the lease term.
The lease is registered (in the office of the Registrar of Deeds in Pretoria) in the form of a notarial deed, against the title of ownership by the lessor (the person letting the property) in favour of the lessee (the person to whom the property is let)."
When it comes to selling the property, the website states the following:
"Just like any asset, it can be exchanged for compensation. In this case, like any form of property, it's dictated by market value or what someone is prepared to pay for it on any given day. Whether with the assistance of an agent or privately done, the seller and the purchaser of the lease rights must agree on a price (including the extension fee of 3.5% (plus VAT). The lease term is then to be extended back to 99 years (by the seller and the lessor) and then the seller can cede his/her rights (to the 99 year period) to the purchaser. The extension of the lease period and the cession of the lease rights are registered simultaneously in the deeds office. Like the transfer of a freehold property, the seller is required to settle all outstanding, levies, rates, taxes and municipal charges relating to the leased property".
For more information on what the 99-year lease entails, you can visit the Waterfall Estates website. If you're looking at purchasing a property and making the Waterfall Estates your home then contact Hamilton's today for more information on our listings in the area.
At Hamilton's we provide distinct and specialised property services when managing your property portfolio, click here https://www.hamiltons.co.za/our-story/ to find out more about our story.
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Author: Lisa