Quizzes & Puzzles1 min ago
Contributions Towards Property Upkeep
Briefly, I am inheriting a property and someone will have a 50% beneficial interest when the property is sold. The property at present is rented out to a man aged 88 with a lifetime tenancy. The agreement is once the tenant has either deceased or gone into are home the property will be sold. I have only just inherited this property, and I think its only fair the person with the interest contributes towards maintaining the property and insuring it. This person is refusing to do so, what are my rights in getting him to make a contribution?
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For more on marking an answer as the "Best Answer", please visit our FAQ.So by a 50% beneficial interest in the property, do you mean you are only inheriting half of it? because if the tenant owns half of the property then he is surely liable for half of the maintenance. What that means in practice is different because you might have differing opinions on what is needed. Insurance is a bit different because you don't need to have insurance. Could you insure your half share only? Not sure.
If it is rented out to a tenant and at a market rent - which is what the q says then the landlord has to unsure the outside and the tenant the contents.
Maintenance of the fabric is the landlords responsibility
If he has a life interest you know like a widow who pays nothing when living in her deceased spouse's house then the law is different.
Thanks for the replies. We just want to make sure that if the property required any maintenance then it would be split 50/50, we dont ecpect him to contribute to any interior decorating etc. He seems to feel he shouldn't have to contribute. Pasrsley the outcome was 50/50 on house but no cash from the estate. Thank goodness it is now over!
scroll down to life estate
http:// legal-d ictiona ry.thef reedict ionary. com/est ate
he cant do anything to waste the estate
and has to maintain
but read it yourself
http://
he cant do anything to waste the estate
and has to maintain
but read it yourself
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