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Can't remember how's it called
remorseless
Posts: 1,221 Forumite
How do you call when you buy a property and the living owner has right to live in it till death?
Usually the price is dependent on the age...
Thanks! Just cannot remember what's called!!!
Usually the price is dependent on the age...
Thanks! Just cannot remember what's called!!!
0
Comments
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Are you thinking of when a property has a 'sitting tenant?'0
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nope... it has a certain name.
Say I own a house and I am 67. I can sell it but I will retain the right to live in it for life. The house is worth £100K, based on my age, etc - it is sold for £55K on the assumptions I would live in it for x number of years, etc...0 -
Lifetime lease/license?0
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Equity release?0
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Life Estate Deed?Love the animals: God has given them the rudiments of thought and joy untroubled. Do not trouble their joy, don't harrass them, don't deprive them of their happiness.0
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Insanity????0
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Lifetime interest?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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In Scotland it's known as a life rent0
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hmm thank you all - apparently its 'Life Tenant'
like http://www.rightmove.co.uk/property-for-sale/property-46962505.html
very popular in some Southern EU countries like Italy, France, Spain, etc...
I just couldn't remember how it was called!0 -
The way it works in France (at least) is that the buyer usually pays a fixed price and an annuity until the seller/occupant dies.
If you don't have family, or you cannot afford to do otherwise, it is a good way to keep a roof over your head and supplement your pension.0
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