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Wozu lebenslanges Wohnrecht?

A lifetime right of residence allows people to live in a property without owning it or paying rent. Securing this right can be useful in various situations, such as in the case of a gift or property retirement. There are a few details to consider. So how does lifetime right of residence work?

Rents are rising and living space is scarce. That is why many people—especially seniors—are wondering how they can secure their living space even if they sell or dispose of their own property. A lifelong right of residence is the solution here. Anyone who has this right can live in the respective house or apartment until the end of their life, even if they are no longer the owner. The right of residence is permanently linked to the property. If the property is sold again, the holder of the right of residence may still continue to live there.

Gift or annuity

A lifelong right of residence can be agreed, for example, if parents want to transfer their house to their child in order to save inheritance tax, but still want to continue living there. Another option is property annuitization. Here, owners can turn their property into a "pension from bricks and mortar" and continue to live there with a lifelong right of residence. You can receive the money for your property as a one-time payment or as a monthly pension—or as a combination of both.

Have the right of residence entered in the land register

Anyone who has a right of residence should have it entered in the land register. This is the only way to ensure that it is legally secure. If it is not entered in the land register, it can be contested or even revoked, for example in the event of a change of ownership. If, on the other hand, the lifelong right of residence is entered in the land register, it cannot be withdrawn or terminated. In addition, it is advisable to have a right of reclaim granted. This allows the property to be reclaimed if the children to whom it was transferred by gift become insolvent. The property is then protected from enforcement and instead returns to the parents.

Usufruct instead of right of residence

In contrast to the right of residence, the right of usufruct includes a right to use a property. This right is useful, for example, if the holder of the right of residence becomes in need of care and has to be looked after in a nursing home. In this case, the right of residence is of little use to them. The right of usufruct, on the other hand, also allows them to rent out the rooms that they cannot or do not want to live in themselves. The rental income may enable them to finance the costs of care, but even if they emigrate or are absent from their place of residence for a longer period of time, renting out the property provides them with a source of income. However, the holder of the right of usufruct also bears the financial responsibility for the property and must cover any management and maintenance costs.

Would you like to know whether lifelong right of residence is worthwhile for you and your property? Contact us! We will be happy to advise you.

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Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.

Photo: © cherriesjd/Depositphotos
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