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spygirl

Viager UK

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I remember the assured tenancy days (pre '88) -- this sounds similar* -- there were loads of examples of houses being sold with sitting tenants, and all you could do is wait for them to die -- there was no practical** way of evicting them.  

[* well, different in that the sale with AT was from landlord to landlord, with the tenant being carried over, but otherwise similar]

[It is the assured shorthold tenancy that has done it in for housing in the UK, both in terms of encouraging BTL and removing the vast majority of protection for tenants.  AST was introduced for 'proper' short tenancy requirements, and I still don't understand how the AST can overrule AT (ie, if a AST is rolled over more than once the tenancy should revert to AT, which is what it should have been in the first place.  In other areas of law you can't have your rights removed in this way -- eg, in employment law it isn't legal to have a succession of 6 month contracts over years and years and say 'ah, but they're a temporary worker on a 6 month contract' -- the law would regard the employee as permanent.  IMO the same legal process should apply to AST)]

[** Well, Hoogstraten allegedly used hand-grenades to encourage sitting tenants to leave.  But for the less criminally minded there weren't many options]

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This kind of deal works ok in Switzerland where the houses are generally built very well. Not so good on the oldest ones, and in France I wouldn't consider it.

But an average Brit house? Sod that, he could live in it for 20+ years without doing much maintenance and it would be a ruin by the time he died.

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Posted (edited)
1 hour ago, spygirl 🏆 said:

A school freind's parents bought a house with a living tennant when I was a kid, they paid ~£5K in ~1978. 5 Bed terraced victorian house. Sold it for ~£250K in ~1990 after the tennant died and they modernised it IIRC.

 

Edited by snaga

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Isn't this more usual for the landed gentry to sell with sitting tenants? I'm an indirect beneficiary of such a scheme. In the early 80s an Earl was getting frustrated as one his former groundsmen seemingly was going to live forever and as a condition of his former employment he paid no rent or council tax. My father bought the property from him for the knock down price of £11k only for the sitting tenant to die 6 months later. Sold for £280k in 2015.

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Posted (edited)

That sounds like a bargain for the tenant. Has the potential landlord any idea how long the average guy who has already attained 64 in St. Albans is likely to live..94 might not even cover it. The buyer is risking it unless he has other ideas.

 

1470046720-richard-hillman.jpg.40856e4a97c034b79123dc5f607e6444.jpg

Edited by crashmonitor

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1 hour ago, crashmonitor said:

That sounds like a bargain for the tenant. Has the potential landlord any idea how long the average guy who has already attained 64 in St. Albans is likely to live..94 might not even cover it. The buyer is risking it unless he has other ideas.

 

1470046720-richard-hillman.jpg.40856e4a97c034b79123dc5f607e6444.jpg

:D I've often thought an unscrupulous psycho could make a fortune from buying these "viager" properties and bumping off the inhabitants in a way that could be mistaken for natural causes. No idea if the police monitor for serially "lucky" buyers though....

 

 

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I remember a similar thing in France a few years ago.  The deal was that if the new owner died first the house would revert to the previous owner.  The woman was in her eighties...

 

... lived to be 113! :D  New owner died about 5 years before her

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2 hours ago, sukuinage said:

I remember a similar thing in France a few years ago.  The deal was that if the new owner died first the house would revert to the previous owner.  The woman was in her eighties...

 

... lived to be 113! :D  New owner died about 5 years before her

You might be thinking of Jean Calment, the (supposedly) oldest woman in the world who died aged 122. I say supposedly since there is a suspicion that she assumed the identity of a relative in order to receive an inheritance and a pension.

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15 minutes ago, the gardener said:

You might be thinking of Jean Calment, the (supposedly) oldest woman in the world who died aged 122. I say supposedly since there is a suspicion that she assumed the identity of a relative in order to receive an inheritance and a pension.

That would be the one!

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