- The original head lease expires in June 2073 on a 99 years prepaid term held by Lakeridge Park Residential Corporation – WFN Development Limited Partnership.
- The annual service fee is outlined on Schedule “A” of the lease. The fee is billed in the calendar year, and due January 3 each year.
- Taxes – The Sublessee will pay all applicable taxes imposed by any Authority, on the lands, for sales, transactions, or business relating to the Lands, or for occupation of the Lands by any Person
- Services – the Sublessee will provide and maintain all services and facilities (including water, gas, sewage, and garbage disposal.
- Mortgage – the Sublessee may mortgage its interest in this Lease by any means without the consent of the Lessor. The Lessor confirms that any Mortgagee of any interest in the leasehold estate may fully enforce its security and acquire the leasehold estate in any lawful way
- Improvements and alterations – the Lessee must obtain any required permits and/or approvals prior to construction of improvements from Westbank First Nation Government.
- Please speak with your realtor, and lawyer for advisory information when purchasing or selling your home
Modernization Project Objectives
- Enhanced contract language accepted by CMHC for mortgage insurance products
- Eliminate the redundancy of dual registration in the BC Land Title Office in favour of registering solely in the WFN Self-Governing Land Act Registry, administered in Ottawa
- Optimize the annual fee
- See the information statement here. See the new registered lease here.
- Please contact our property specialist for sublease sales. Jeff Leishman at email@example.com | 250-863-6416
Frequently Asked Questions
The annual service fee is used for common area maintenance such as street lighting, sanctioned trails in the subdivision boundary, grass cutting, and ditch cleaning. The fee also exists to pay for general administration, and future road replacement.
The fee is not a monthly stratum fee, and does not include items like garbage pickup, recycling, or snow plowing (plowing is done by WFN and/or Province of BC depending on established road jurisdictions). Lakeridge is a unique subdivision due to the time of when the development was created.
Fees are paid at your convenience at the Lakeridge Park Residential Corporation (Ntityix Development) office using debit, cash, or cheque. Cheques can be mailed and written to “Lakeridge Park Residential Corp." The office is located in Vintage View shopping centre
#102-3480 Carrington Road
Westbank, BC V4T 3C1
Online Banking Instructions:Interac e-transfer
message: Lot ###, address and invoice #
Please include your lot number and address in the message of your Interac e-transfer
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