Life Tenancy Responsibilities – Maintaining The Building
Life Tenancy Carrying Out Maintenance
When a life tenancy is created the documentation in most cases will state that the tenant must maintain the property and keep it in good order. At the end of the tenancy the property will revert to the remainderman and the tenant must not carry out any structural alterations without the permission of the remainderman to whom the property will be passed upon the death of the tenant. The tenant must not do anything to devalue the value of the property. It is essential that they have any repairs carried out on the property or that they arrange to have them carried out by the remainderman.
A life tenant will not be able to take out a mortgage on the property they occupy and neither can they use the property as security for any loans. They only have a tenancy and do not have any rights of ownership.