My partner's daughter has offered my partner and myself free tenancy for life in a house which she owns. We are both Eighty years old. What sort of tenancy agreement is necessary.
-Could you explain your situation a little more?
Why has she done this? Did you used to own the house? Can we have fine details please?
We presently own a house which we bought with the aid of a lifetime mortgage from an equity release company. It is now too big for us to manage. If we purchased another house and transferred the mortgage, we would not have enough capital to afford any sort of acceptable accomodation. We will make a gift of a sum of money(insufficient to buy a house) to my partners daughter and in return she will agree to have us as rent free tenants until we die, or go loony. she wants this agreement on a legal basis.
So you are gifting her the money to buy a house in her name and she is then going to allow you to live in it? Would you be doing this to make sure that the money in the house is safe from paying for care fees?
No, She already owns the house as a holiday home and investment. She was planning to sell the house as she no longer uses it when we decided we wanted something smaller. The amount that we are giving her is equivalent to about five years rent - insufficient to buy a house
I'm sorry,did you get my answer to these questions?
Thank you. Then provided that the money you give her is not seen by the local authority to be done to avoid paying care fees that is okay. The reason I asked the question is that I get so many questions on here about how to avoid paying care fees and quite simply, there is no guaranteed way.
Because you are giving a lump sum as consideration in my opinion, you do not need a tendency agreement but what you do need is a restriction on the property whereby the house cannot be sold without your consent and that she grants the right for you to live in the house for life or until you no longer wish to live there or are no longer able to live there provided that you maintain the property and insure it. Any solicitor will do this for you for 200 or £300
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PGD Law. 20 years legal profession, 6 as partner in High Street practice
Does a pro-forma for this type of agreement exist?
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