Buying a property with a lifetime tenancyMake Text Bigger
Hi all, I have been looking at sales particulars for 3 bed house which is subject to a lifetime tenancy. It is valued at £195,000 with vacant possession and is for sale for £82,000.
I would very much appreciate your thoughts and any advice you can offer.
The details are as follows.
- 3 bedroom detached family home in Bexhill, East Sussex, TN39.
- The property benefits from 3 bedrooms, modern kitchen and bathroom, lounge, dining room and rear garden.
- The house also has double glazing, gas central heating and off road parking.
- The property has been valued independently at £195,000 and we are inviting offers in excess of £82,000.
- The property has a current RICS valuation of £195,000
- Your discount on this purchase will be £113,000
- Are offering a 100% interest in this investment
- The property will be sold with Life Tenants in residence
- You will legally own the property which is occupied by a male aged 79 and female aged 65
- The Life Tenants will remain in the property until they either pass away or move into full time residential care.
During the Life Tenants’ occupancy, they will maintain the property covering all associated expenditure, including:
- Utility bills
- Council tax
- Any service charges or ground rent if applicable
When the Life Tenants vacate the property permanently, it is yours to do with as you wish but until then if any one purchases the property, there is no rent paid by the tenants so no rental income can be made. Also the buyer can not live in the property until its vacated by the life tenants.
It is only possible to view the property only via photos.
The buyers name will be on the land register and property title under the following conditions:-
- Will appear on both the land registry and title documentation and will hold the deeds.
- The Home for Life lease places a restriction on your title which falls away when the lease ends which will occur when the Life Tenant passes away or goes into permanent care.
- A RICS survey is provided but the vendo/life-tenants will not allow buyers to carry out there own survey on the property.
So it seams all you can do is either wait years for vacant possession or try to sell for a profit.
Any advice and opinions would be most welcome.
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