Lifetime Lease Conveyancing

Security for your lifetime

A Lifetime Lease is kind of like an equity release product which is secured on a new rather than an existing home. Essentially, the Lifetime Lease firm will buy a home on the buyer’s behalf and then sell them a lease for the remainder of their life. It’s a legally binding agreement that secures a person’s right to live in the purchased property with no rent, mortgage or interest repayments for the rest of their lives. However, once they die or move into a care home then the property – or a portion of it – it will revert to the lender’s ownership.

Lifetime leases are most popular with over 60s who want to move to a property that they might otherwise not be able to afford. They also allow retirees to avoid paying rent or a mortgage and –  depending on the specifics of the lease – they may be able to free up additional equity that could pay off outstanding debts or fund future adventures.

When purchasing a property using a Lifetime Lease, you will be named as the Lifetime Lease Owner on the lease and this is registered at Land Registry, meaning you are legally protected to live in that property for your lifetime.

If you are considering buying a property with a Lifetime Lease then speak to our expert Luke Humphries – luke@homewoodbaird.co.uk

All legal services will be performed by Taylor Rose MW Limited. Taylor Rose MW Limited is a firm of solicitors authorised and regulated by the Solicitors regulation Authority, SRA no 623604