What if they hand it back to us in 10 years time in disrepair?
So who "owns" it! What if they don't maintain it?!? This is a nightmare.IANAL
Its relatively common; known as a life interest.
The resident is responsible for bills, maintenance, property tax etc., yes they can rent a room if they wish.
You inherit the property on this persons death; you dont own it until then so you cant sell.
My understanding is that it's possible to buy out this life interest if they agree.
I would unilaterally take care of building insurance, not contents.What I would suggest is that you agree with the other heirs about paying for repairs and insurance and LPT.
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