What is a Lifetime Lease? | Homewise

Are you thinking about moving house? Have you begun researching the market? If you’re looking at available properties online it’s likely you’ve found properties advertised with a “Lifetime Lease”, but do you know what this means?

Let’s break it down and discover what a Lifetime Lease is and how it could be the right option for you.


What is a Lifetime Lease?

A Lifetime Lease is an agreement applied to the purchase of a new home. It’s a legally binding agreement which secures a person’s right to live in the purchased property with no rent, mortgage or interest repayments for their lifetime.

When purchasing a property using a Lifetime Lease, you will be named as the Lifetime Lease Owner on the lease and this is registered at Land Registry, meaning you are legally protected to live in that property for your lifetime.

A Home for Life Plan from Homewise is a Lifetime Lease option. The plan is available to anyone aged over 60 years old and can be applied to the purchase of pretty much any property in England and Wales that’s built of standard construction.


What are the benefits of a Lifetime Lease?

A Lifetime Lease may not be the right choice for everyone, but for those it does help it can have a huge influence on the quality of their retirement. For example, if you choose a Lifetime Lease you could:

  1. Live in the home of your choice rent and mortgage-free
  2. Be secure in the property for your lifetime
  3. Free up funds for your retirement



River House, Terraced Houses


     1. Live in the perfect property

A Lifetime Lease offers you the opportunity to live in a house you may not have been able to afford, situated in the location of your choice, rent-free, mortgage-free and without needing to take on any debt.

Did you know, if you were to rent a property at a fixed rate of £650 per month for 25 years that would equate to £195,000?


Renting in retirement can require a large amount of your savings and may cause you to worry about the future. When renting, you do not have security as your tenancy could end outside of your control.

With a Lifetime Lease, you pay a one-off amount, which is always less than the market value, to live in your perfect property without rent or any repayments for your life and are secured to live there for your lifetime.


     2. Security for your future

Your right to live in the property is legally protected so, with a Lifetime Lease, you’d have the comfort of security for the rest of your life.

If you have a Lifetime Lease with another person, i.e. your spouse or partner perhaps, the lease would only end when both parties pass away or move in to full time care. This means, should anything happen to your partner for example, you’d be able to continue living in the property for as long as you need, still rent-free and mortgage-free.

Is inheritance a concern for you? With the Homewise Home for Life Plan you can safeguard and secure up to 50% of the property’s future value to be passed on as inheritance, or to fund your care fees should you need.



Woman, Garden


     3. Enjoy your retirement

As you plan for retirement, financial concerns may weigh on your mind. If you are looking to pay off an existing mortgage or have past debts to be cleared, your available moving budget may reduce more than you anticipated. Make use our free budget calculator sheet to work out what you can afford.

When you know how much you can afford, you may see your options are limited and perhaps the perfect property or location is now out of reach. With a Lifetime Lease, your moving budget would be boosted which would broaden your search options, meaning you could find the perfect property at a reduced price! This could help you to pay off any previous debts and free up funds to enjoy your retirement.

Why not try our quick, online calculator to see an instant estimate on your new boosted budget and potential savings you could make, if you were to choose a Lifetime Lease?




With the money saved, you could enjoy more travel, spend time with grandchildren or simply have funds saved for a rainy day. You can relax and enjoy your extra leisure time, perhaps with a new hobby or tending to the garden you weren’t sure you’d have in your new home!


Learn more about the Home for Life Plan and how Homewise could help you find happiness and security for the future, simply contact our friendly team today for details.



Not quite ready to discuss today? Do you want to invite your family to the call? No problem! You can request a free, no-obligation consultation at a convenient time for you and your family, this can be over the phone or video appointment.

In this appointment our team will discuss your goals for moving, calculate your new Home for Life Plan budget, and look online at prospective properties available in your ideal location. All to get you one step closer to your dream retirement.