When buying into an exclusive development like Waterfall Estate, one question comes up time and time again: “Do I actually own the land I’m living on?”
It’s a fair concern — especially given that the estate operates under a 99-year leasehold model, rather than freehold title. To the unfamiliar ear, the phrase 99-year lease might raise red flags about long-term security, investment potential, or resale value. But in Waterfall’s case, the reality is far more stable — and far more buyer-friendly — than the term suggests.

The structure of the lease has been intentionally designed to offer perpetual security to homeowners. Although the land is technically leased, the model functions more like a renewable right of occupation, with automatic resets to a full 99-year term upon each sale or inheritance.

In this blog, we’ll explain exactly how this works, why it matters, and what it means for buyers, sellers, and heirs — and we’ll explore how this unique arrangement has helped the original landowners maintain control while allowing residents to enjoy full rights to their homes.

What Is the 99-Year Lease at Waterfall Estate and How Does It Work?

Waterfall Estate operates on a 99-year leasehold system — but unlike a standard fixed-term lease, this agreement is automatically renewable, making it a far more stable and enduring arrangement than the term might initially suggest.
Under this model, residents do not purchase the land itself. Instead, they acquire a long-term leasehold right to occupy and use the property for a 99-year period. Crucially, when the leaseholder sells the property or passes it on to heirs, the lease does not diminish in remaining years. Instead, it resets to a full 99 years for the new owner.

This structure has been built into the legal design of the estate and offers a level of certainty that effectively mirrors traditional ownership. As long as leaseholders continue to comply with the terms of the lease — including payment of applicable fees and rates — their right to remain on the property is indefinitely renewable.

The result is that homes at Waterfall Estate function much like freehold properties from a practical, financial, and investment standpoint. Owners retain the exclusive right to their homes, can sell or rent them at market value, and enjoy long-term stability without fear of expiry.

Who Owns the Land — and Why the 99-Year Lease Model Was Created

The land that makes up Waterfall Estate is owned by a family trust, which has made a deliberate and strategic decision not to subdivide, sell, or transfer ownership of the land itself. Instead, the trust retains full ownership while granting 99-year leaseholds to residents.

This approach is not accidental — it reflects the trust’s long-term vision to preserve the integrity of the original farmland and maintain continuous stewardship over how the land is used and developed. By offering renewable leases rather than selling freehold plots, the trust ensures that control of the estate remains centralised, and that land is not permanently alienated from the family’s legacy.

At the same time, the leasehold model allows the trust to generate sustainable income through development while still providing residents with the freedom and autonomy typically associated with homeownership.
For buyers, this means they own the structure they build or purchase — the home, not the land — and they hold a legal right to occupy and use the land under the terms of the 99-year lease. This lease includes provisions that safeguard continuity, allowing the full term to renew automatically with every sale or inheritance of the property.

In essence, this system is a mutually beneficial arrangement: the family trust retains its generational vision and financial interest in the land, while residents enjoy the practical benefits of long-term residential security and a strong investment in a highly sought-after estate.

What Happens at the End of 99 Years?

The short answer: nothing changes — unless the leaseholder wants it to.

While the term “99-year lease” might raise alarm bells for some, it’s important to understand how the Waterfall Estate lease model works in practice. In this case, the 99-year lease is not a countdown to expiration. Instead, it is a rolling lease that resets to a full 99 years every time the property is sold or inherited.

This means that with each transfer of ownership — whether the home is passed on to children or sold to a new buyer — the lease starts fresh. It’s a self-renewing cycle that ensures the new leaseholder always begins with a full 99 years of security, just like the original buyer did.

Importantly, there is no need to renegotiate or apply for lease renewal. The terms are built into the structure of the agreement from the beginning. As long as the leaseholder (or their successor) meets the conditions of the lease — such as paying levies, rates, and any applicable maintenance or estate fees — their right to occupy and enjoy the property remains intact.

The fear that the house will “revert” to the trust at the end of 99 years is unfounded. Unlike traditional fixed-term leases that do expire, this lease does not end unless the holder fails to uphold their side of the agreement. For all practical purposes, it offers the same permanence as traditional ownership.

VDM Attorneys – Property Lawyers in Sandton

If you’re considering buying into an estate with a long-term lease agreement — or simply want clarity on what a 99-year lease really means for your ownership rights — VDM Attorneys can help. Our team in Sandton offers clear, practical legal guidance to help you make informed property decisions with confidence.

Contact us.