Englewood Village is located on Crown land held in reserve for the Tzeachten First Nation. The Tzeachten First Nation voted as a majority in favour of the Crown issuing a 99-year pre-paid lease to Englewood Village LLP, the Developers. The two parties involved within the lease are Her Majesty and Englewood Village LLP. The lease commenced in July 2008 and will expire in June 2107. Homeowners within the development shall pay sublease payments of $200 per month. The monthly sublease payment shall be reduced to $100.00 a month until Jan 1, 2013. The main sublease payment shall be increased every 3 years starting Jan 1, 2013 accordingly to theconsumer price index (CPI) or a minimum of 1% each year. The head lease is binding between Her Majesty the Queen in Right of Canada and the Developers and no changes shall be allowed to such lease with out the permission of the Village Homeowners.
Are Leases Common?
Yes, Land leases are found in a variety of areas including Canada, Europe and the southwestern United States. Three of the better-known lease developments within the Chilliwack area include Promontory Lake Estates, Halcyon Meadows and the Stoney Creek retirement communities.
What are the benefits of Leasing?
Leasing enables the purchaser of an Englewood Village home the benefit of purchasing without the Land costs. Utilize the money saved in different areas in your investment portfolio.
Does a public roadway access the development?
Yes, Englewood Village is accessed from Keith Wilson Road and is 3 short blocks to Garrison Crossing shopping centre on Veddar Road. Keith Wilson Road is maintained by the City of Chilliwack.
Can I garner financing from financial institutions for the purchase of a home in the development?
Absolutely, a variety of financial institutions have expressed the desire to provide financing for homebuyers within the development. Please see the development sales staff to receive information of those institutions that have created purchase and financing plans for the project.
May I receive legal advise prior to purchasing a home at Englewood Village?
Yes, your offer to purchase a home within the Village will be subject to your lawyer reviewing and approving the purchase documentation. A selection of law firms are available and experienced in legal agreements can offer you independent legal advise.