Leasehold on my own home.

[dollarbill]

Hi good people.
I hope termites are leaving your properties alone.

I have struck rather difficult times and would like your views on
how to impliment a solution.

I propose to sell my home to my children and continue occupying
under a whole of life lease ( most likely a 20 year residential leasehold )

Can't seem to find any solutions online.
Does anyone here have any experience in this ?

 

[chilliblue]

Hi good people.
I propose to sell my home to my children and continue occupying
under a whole of life lease ( most likely a 20 year residential leasehold )

Can't seem to find any solutions online.
Does anyone here have any experience in this ?

I believe that any lease past 3 years needs to be registered on the properties title.

 

[Aaron_C]

I also think that a long lease like that attracts some sort of tax because it is a grant of a proprietary interest so far removed from a normal residential tenancy.

 

[dollarbill]

Thanks guys.
This whole residential leasehold system appears to be recommended
but uncharted territory in Australia so far as private individuals are concerned.

 

[Scott No Mates]

It may be possible to sell to the kids with a life estate for yourself. Market value is lower as their choice of tenant is limited to you & until you pass away (anywhere between 1 day & 90 years).

the life estate would be on title.

 

[wylie]

If you sell to your children with a life lease, what happens if you need to sell the house to enable you to buy into a nursing home? Of if you decide to move from where you are living to another area?

Lots to consider before taking any steps...

 

[Scott No Mates]

Basically, tough Wylie. If you want to move elsewhere, you lose your life estate. If you need nursing home care, you have no house as an asset so you would need to find out what you need to pay the accommodation bond.