Property beneficiary rights

[Dave_Lages]

Hello,

Would you be able to clarify please;
If a property that its title is written on my name but has on it the following note:

“RIGHTS/EASEMENT
Subject to right of residence and life interest (———)
Beneficiary: 00000/0/0 (————-) file number (00000)”

Does it mean the beneficiary is able to sell this property/change the ownership of the property without my consent?

Thank you,
Dave

[Nigel Howarth]

Hi Dave

It means that you can live in the property until you pop your clogs and the beneficiary of your property (whoever they may be) cannot take an dispose/occupy, etc. of the property.

This is usually used when parents gift their property to their children as there's no need for the property to be included in their Will. The 'life interest' means that their children cannot throw them out of the house.

Regards,

[Pantheman]

Hello,

Would you be able to clarify please;
If a property that its title is written on my name but has on it the following note:

“RIGHTS/EASEMENT
Subject to right of residence and life interest (———)
Beneficiary: 00000/0/0 (————-) file number (00000)”

Does it mean the beneficiary is able to sell this property/change the ownership of the property without my consent?

Thank you,
Dave

The title is in your name, but the beneficiary can life there for as long as he is alive. He cannot sell or dispose of the property, only the named person (ie you) can do this. Usually, it may also state' and 'usufruct' which also means that can also collect rents from it if they chose to rent it out.

Hope that helps