Life Tenants Always Required Across Britain. Let us Make You An Offer
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Life Tenancies What Price Can You Expect?
Most life tenancies have been created in the last 25 years as life expectancy has increased
As far as we are concerned a life tenant has the right to stay i their home for life without paying any rent. This means that when you buy a property with a life tenant you will not receive any income for the duration of the tenancy. A life tenancy can be created for many reasons. For example a couple could live together with an agreement that if one of them dies the other has the right to stay in the house without paying any rent for as long as they live. This means that they can leave the house to a son or daughter subject to the creation of a life tenancy for the surviving spouse.
How much is my life tenancy worth and is it easy to sell
The most important factor when valuing a life tenancy is the age of the tenant. A buyer will calculated how long it is going to be before the house becomes vacant at which point they can sell the house at a much higher price. So life expectancy is a significant factor. A house occupied by a ninety year old tenant will be worth considerable more than a house occupied by a tenant ages 60 years.
Can I Pay A Life Tenant To Move Out?
Yes you can. If you are in a position to pay a tenant to leave then you can make them an offer to move out of the house. In most case it will not make sense for a tenant to move out for money because they will have to live somewhere and they will not be able to live anywhere else without paying any rent. Obviously the sum you can offer is very much linked to the value of the house. If the house is in London it may be worth your while buying them out now and taking advantage of the high selling prices. This is much more likely to happen in the current market than in a falling market.
Who Is Responsible For Any Work Required At the House?
In nearly all cases the landlord will be responsible for any works required to the outside of the building and the tenant will be responsible for internal decorations. Therefore if a roof is leaking it will be down to the landlord to have it repaired as quickly as possible. Id the tenant wants to fit a new kitchen or bathroom then they can do so but they will have to pay for these items out of their own pocket.
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