Life Lease

[bobbie22]

If I bought a flat with a lease for life, what happens to the flat when I die.?

[Buenchico]

Explained here:
https://www.wardsofkent.co.uk/buying/home-for-life-plan/how-it-works/

[bobbie22]

I’m not sure that sounds too good Buenchico. I can see now that’s why the price is cheaper. But I will not own the property unless I pay out more to protect myself. Many thanks for that. ( did I get it right. ? )

[Buenchico]

Yup. Like all leases, you don't fully own the property. Even if, say, you buy a flat in a tower block, with a conventional lease, you're only really buying the right to occupy the flat , with the freeholder actually owning the bricks and mortar. When your lease expires (whether that's after 9 years, 99 years, 999 years or whatever, the property will eventually revert to the freeholder).

The only difference with a lifetime lease is that the length of the lease term isn't fixed; the lease only lasts as long as you do!

[bobbie22]

I can’t think of leaving it to my son after my days can I .? That’s a shame. I will probably be better off renting I think

[woofgang]

honestly bobbie, its gonna depend how long you live for.

[bobbie22]

Have changed my mind Wolfgang. Thinking of renting now. It’s too risky to buy under the above conditions. ( am sort of thinking to move nearer to my son). This is further along the line, as it’s a huge thing to do at my age.

[bobbie22]

Sorry, Woofgang