Right of Occupation and RNRB

Widower, own home, daughter has lived there approx. 20 years. There is also a son. I believe the answer is ‘yes’, but is the RNRB available if his Will contains a Right of Occupation for life to the daughter?

Karl Taylor
Graysons Solicitors

I suggest a life interest rather than right of occupation, to avoid doubt it is an IPDI

Simon Northcott

Yes, I have thought about a life interest If the daughter was to move out, the proceeds would be split 50/50 between daughter and son. So, if opting for a life interest, would a Letter of Wishes suffice to cover this? I am aware this would be a PET from the daughter, but that would also have applied to the Right of Occupation.
Karl Taylor
Graysons Solicitors

You would need to specify in the Will it would terminate if she vacated.

Simon Northcott

Perhaps an IPDI in the property that terminates on the earliest of her death, the cessation of residence in the property or the completion of the sale of the property

Graeme Lindop
Coles Miller Solicitors LLP

Graeme, would that not be a Right of Occupation then as the wording I would use is along the lines you suggest. If she vacates, the proceeds are split 50/50 with her brother, or his children if he dies beforehand (all direct descendants). If she sees out her days in the property, then all to her brother, or his kids. So, I suppose the question is whether this Right of Occupation is an IPDI. It would not include any overriding powers to terminate so I would have thought it is an IPDI.
Karl Taylor
Graysons Solicitors