![]() With both kinds you need to be living there. life interest - the right to use and benefit from the property as you wish.life tenancy - the right to live in the property.There are 2 ways to have a granny flat interest, either: assets, including money, in return for a lifelong right to live in a property.ownership of your home but keep a lifelong right to live there or in another private property.You create a granny flat interest when you exchange assets, money or both for a right to live in someone's property for life. We recommend you get financial and legal advice before you create a granny flat interest. This includes property that you, your partner or a trust or company you control owns. You can't have a granny flat interest in a property you legally own. a separate, self-contained building on someone else's land.the same building as the owner of the home. ![]() They don't have to be for social security purposes. Granny flat interests are usually family arrangements providing company and nearby help for older people. It doesn't just apply to properties often referred to as granny flats. You can have a granny flat interest in any kind of property. Which homes can have granny flat interests It's not part of your estate when you die. not owned by you, your partner or a trust or company you control.It's not a description of the type of property. The property must belong to someone else. Which homes can have granny flat interestsĪ granny flat interest or right is where you pay for the right to live in a specific home for life.
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