It is not uncommon for a will to say that a particular person has the right to live in a home for that person`s life. This is called rent of life (or interest in life or life). Advice should always be s asked, because according to the text, the right to use the property may be extinguished if the tenant of the life no longer resides in the house. Alternatively, the tenant may have the right to use the house for the rest of his life, even if he does not reside in the house. This may allow the tenant to rent the house to someone else and recover the rent. Another restriction is the rule against Diepere in many states and countries, which prohibits estates of long-term rents in style before the 19th century and which can lead to the premature and pro-compensating end of such successive life interests. In England and Wales, it`s a life, or 80 years, the longer it is. An valuation generally results from the present value of the net benefit resulting from the life (or life) over the residual duration of the interest. If these assessments are based on a single life, it is possible to refer to tables such as life rental factors by gender and age.
These factors are determined by taking into account life expectancy and interest rates applicable to a specific jurisdiction or purpose. An example is a table of life rental factors used to determine the share of real estate attributable to a specified tenant for each stamp duty payable on the transfer. More complex examples may include a disability or common life and, as a general rule, technical advice, as provided by an actuary. The second type of life rental is a „living property“ compared to a real estate. The owner of a living lot has full ownership of the property, does not pay rent (they have the right to rent the property and pay rent) and does not really have an owner (instead, the person who is entitled to ownership of the property if the owner of the living lot dies is a „remain“). Life estates are usually created by a will (and usually given to a widow, while the „remain“ goes to the children), but they can be created differently.