The Off Topic Topic

[Maladict]

Interesting the film was so long ago. I thought this was a fairly recent thing. Really mad story with the old lady. I'd feel dodgy enough trying this anyway then there's that "risk" and it meaning celebrating someone's death.

Nah, it's actually a quite ancient thing.  In Pride and Prejudice for example the family house only belongs to the family through a life estate belonging to the father - on his death the house goes to a distant cousin and the family would be homeless.

It seems to be having a bit of a revival here as well. Presumably because pensions aren't cutting it anymore for an increasing number of people.  Not a great sign for things to come.

[Malthus]

I've recently learned of a odd phenomena in France which is apparently spreading to other countries too.
"Viager Occupé": apparently the idea is you buy a lovely house for a massively knocked down price on the condition that the old person who is selling it gets to live there for life and you have to pay a monthly stipend to support them until they die and you can take the house.
This sounds.... Disturbing. Though I can see advantages considering the amount of old folks losing their home for nothing or being conned with equity release and such.
On the other hand... I have an excellent idea for a French comedy movie about some slime ball buying such a house and trying his darndest to shorten the lifespan of the lovable old lady who owns the house.

In the english common law it's called a life estate and it's not uncommon.

Hugh Hefner sold the Playboy Mansion on the same (or similar) terms.

We should put together a Languish tontine! 😀

[Admiral Yi]

Nah, it's actually a quite ancient thing.  In Pride and Prejudice for example the family house only belongs to the family through a life estate belonging to the father - on his death the house goes to a distant cousin and the family would be homeless.

Isn't that a different thing, based on the terms of a will, rather than caused by the terms of third party lending?

For one thing, if the estate was going to be lost because of failure to repay a loan, Darcy could have and would have solved it.

[Barrister]

Nah, it's actually a quite ancient thing.  In Pride and Prejudice for example the family house only belongs to the family through a life estate belonging to the father - on his death the house goes to a distant cousin and the family would be homeless.

Isn't that a different thing, based on the terms of a will, rather than caused by the terms of third party lending?

For one thing, if the estate was going to be lost because of failure to repay a loan, Darcy could have and would have solved it.

CC was the one who said a life estate is like a reverse mortgage.  I said kind-of-but-not-really.

Yes, in P&P the father was given a life estate in a will, with the remainder to the cousin.  You can sell a life-estate directly, but traditionally I think it was more common in estates.  While Darcy could I suppose have bought out the cousin (I googled it - Mr. Collins), but Mr. Collins would be under no obligation to sell, unlike in a loan or mortgage.

Really though this is all first year real property law school type stuff that you never really expect to see in the real world.

[celedhring]

My brother and her wife's first apartment was a life estate from her grandma (who actually didn't live there). Once the grandmother died, they had to move.

[crazy canuck]

Nah, it's actually a quite ancient thing.  In Pride and Prejudice for example the family house only belongs to the family through a life estate belonging to the father - on his death the house goes to a distant cousin and the family would be homeless.

Isn't that a different thing, based on the terms of a will, rather than caused by the terms of third party lending?

For one thing, if the estate was going to be lost because of failure to repay a loan, Darcy could have and would have solved it.

CC was the one who said a life estate is like a reverse mortgage.  I said kind-of-but-not-really.

Yes, in P&P the father was given a life estate in a will, with the remainder to the cousin.  You can sell a life-estate directly, but traditionally I think it was more common in estates.  While Darcy could I suppose have bought out the cousin (I googled it - Mr. Collins), but Mr. Collins would be under no obligation to sell, unlike in a loan or mortgage.

Really though this is all first year real property law school type stuff that you never really expect to see in the real world.

It is actually a pretty common way to transfer property inter vivos to the next generation.

[Tamas]

Isn't this what in England is advertised on TV as "releasing equity"? Some firm gives you money and when you die they get your home.

[Admiral Yi]

My brother and her wife's first apartment was a life estate from her grandma (who actually didn't live there). Once the grandmother died, they had to move.

Would you care to speculate about grandma's reasoning?  Why give a present that only lasts the givers lifetime?  It's not like she has a need for it when she dies.

[celedhring]

My brother and her wife's first apartment was a life estate from her grandma (who actually didn't live there). Once the grandmother died, they had to move.

Would you care to speculate about grandma's reasoning?  Why give a present that only lasts the givers lifetime?  It's not like she has a need for it when she dies.

The receiver of the life estate was the grandma. She let her granddaughter use it, since she actually received two flats in this way.

[Razgovory]

My cat caught her second mouse today.  Such a good cat.

[Oexmelin]

RIP the Amazing Randi.

[Razgovory]

How did you the know the name of the mouse?

[Oexmelin]

For those who may not know James Randi: https://en.wikipedia.org/wiki/James_Randi

[Habbaku]

A great man, and a tragedy to lose his constant attention to outing charlatans. Really funny in person too.

[The Brain]

RIP