Life rent agreement

ani*fan

Hi everyone

I just wanted to ask for some advice and/or info. My partner and I live in a beautiful cottage and pay £500 per month rent. The place is worth about £200,000 (roughly) and there is no way we could ever afford to buy it.

However, we love it so much, know we will never want to move and would like some security other than a renewable lease. I've recently heard about life rent where you have an agreement with the landlord to rent the property for the rest of your life. Does anyone have any experience of this? What else would we become responsible for paying? Maintenance?

Also, anyone got any any ideas about building up a big enough pension to continue paying rent into retirement?

Thanks for any help you can offer.

teeni

Landlord can issue an assurred tenancy, this gives you lifelong tenancy as long as you do not breech the agreement.
ll can not issue you with a s21 notice in the same way they can if you have an assurred shorthold tenancy so it gives the best security you can get these days. ll still responsible for repairs etc.

Very few ll's will agree to this type of tenancy because of the security it gives the tenant,

franklee

Agreed teeni.

Also a secure lease would devalue the property should the landlord wish to sell and many lenders would not be happy either so the landlord would have problems getting a mortgage on the property.

Of course if the lack of security for tenants becomes a political hot potato, if house prices slide and landlords get repossessed or sell in large enough numbers and with the lack of council housing, then you never know there could be a change in the letting laws giving tenants more security of tenure. I would be opposed to this as it would kill the market but you never know with government what social engineering they'll get up to.