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Rising cost of living, home maintenance, stagnation of pensions, desire to help one's children or grandchildren, to travel or simply to improve one's daily life, there are many reasons to wish to have more liquidity when retired. The life annuity can then become an interesting solution for people who own their home.
Cette solution peut en effet vous permettre de rester chez vous aussi longtemps que vous le souhaitez tout en percevant dès aujourd’hui un capital et/ou des rentes.
Le moins qu’on puisse dire c’est que le viager est une solution éprouvée par l’histoire, puisque son origine remonte à 876, sous Charles II! Il commence à se populariser dès le 17ème Siècle, et verra même quelques présidents de la Vème république y avoir recours, Charles de Gaulle, Valéry Giscard d’Estaing, et même François Hollande.
La vente en viager, notamment la notion de rente viagère, est encadrée depuis 1804 par les articles 1968 à 1983 du Code Civil.
Concrètement c’est une transaction immobilière qui vous permet de vendre votre résidence tout en en conservant l’usage, à vie. Le vendeur, aussi appelé crédirentier, conserve soit l’usufruit – auquel cas il peut à la fois habiter ou louer son bien et en percevoir les loyers – soit un simple droit d’usage et d’habitation, qui lui permet d’user de son bien mais pas de le louer.
The buyer, also known as the debirentier, pays the seller an initial capital sum at the time of signing at the notary's office, also known as the bouquet, and then, according to the terms defined with the seller, an annuity throughout the latter's life.
Le viager le plus couramment rencontré comprend un bouquet accompagné d’une rente. Il se conclut le plus souvent entre particuliers, et peut être libre ou occupé.
For the buyer, it is a way to mobilize only a portion of the capital, and to use his income to pay the annuity, a bit like a seller's credit. For the seller it is the comfort of an income received every month or every quarter, which completes the retirement.
Dans le cas d’un viager occupé, le vendeur reste chez lui et perçoit les rentes de la part de l’acheteur. L’acheteur ne pourra occuper ou louer le bien qu’au décès du vendeur, ou à son départ du bien, en maison de retraite par exemple. Il continuera dans tous les cas à verser une rente tout au long de la vie du vendeur. Dans le cas d’une libération anticipée du bien, une augmentation de la rente pourra être prévue au contrat.
In the case of the life annuity without annuity, also called sale with reserve of right of use and dwelling, the total amount of the transaction is paid the day of the signature of the notary act. It is most often concluded with real estate investment professionals who have the necessary financial resources for the transaction.
Pour le vendeur comme pour l’acheteur, cela supprime l’aléa lié à l’espérance de vie: l’un sait combien il perçoit, ce qui pourra être avantageux en cas de décès anticipé, et l’autre sait qu’il ne paiera pas le bien immobilier trop cher en cas de surlongévité du vendeur.
As in the first case, the seller retains the use of his property, and in the case of an early release an additional capital may be paid by the buyer.
It is a variant of the life annuity without annuity, where the purchaser acquires in cash the bare ownership of the good, and the salesman preserves as life the usufruct. He is thus free to rent his property and to touch the fruits of it.
This can be particularly interesting to cover totally or partially the cost of a senior residence or a retirement home if staying at home is no longer possible.
As for the life annuity without annuity, this type of transactions implies most often professionals of the real estate.
The partial sale is a unique solution in France, which allows sellers to remain owners while mobilizing a specific amount for their projects. In concrete terms, the buyer acquires part of the bare ownership, while the seller retains the rest of the property.
He thus benefits on the one hand from the long-term appreciation of the real estate since he remains a partial owner, and on the other hand he keeps the possibility of occupying and renting his property since he remains the sole usufructuary.
The seller will be able to resell the remainder of his bare ownership at a later date according to his projects and needs.
Because of its particularities, the life annuity includes a certain number of points of attention, for the salesman as for the purchaser.
The selling price is freely fixed between the seller and the buyer, most often through an agent. The seller must therefore pay attention to the estimation of the value of his property, in order to maximize his chances of finding a buyer. The buyer must be careful not to overpay for a property, even in the case of an annuity payment.
For the seller, it is above all the risk, in case of premature death, of having received only a small fraction of the fair value of his property. It is also the risk, in time, that the buyer becomes insolvent and is no longer able to pay the annuity. Of course, the seller will eventually recover full ownership of the property, but at the cost of heavy legal procedures that he does not necessarily have the desire or energy to undertake at an advanced age. It should be noted that the life annuity without annuity or in bare ownership removes this risk for the seller.
For the buyer, it is the famous "Jeanne Calment effect", the risk of over-longevity illustrated in Pierre Tchernia's film. In the case of the oldest French woman, the buyers ended up paying more than double the value of the house.
Like any real estate transaction, the sale in life annuity remains influenced by the evolution of the real estate prices. This risk particularly affects the buyer, especially if he wishes to resell the property in the future. He must then pay particular attention to the characteristics of the property and its location.
Comme pour la fixation du prix, la répartition des charges se définit librement entre l’acheteur et le vendeur. Il existe toutefois des pratiques de marché, et cette répartition influence évidemment le prix de la transaction.
In the case of a classic life annuity, it is common to see a distribution of charges similar to those between owner and tenant.
In the case of a dismemberment, the usufructuary generally retains all the expenses, the bare owner assuming however the expenses under Article 606 of the Civil Code, that is to say the major structural work involving the integrity of the property (roofing, exterior walls, cellar vaults ...). In the case of a partial sale, these expenses are divided among the bare owners on a pro rata basis.
Elle va dépendre de votre âge, de votre appétence au risque, de vos projets et de leur temporalité – êtes-vous pressé ou non?
If you are rather young, a classic life annuity could allow you to consider a final amount perceived higher than that of a life annuity without annuity whose discount could appear to you high. It will be necessary nevertheless to find a purchaser ready to pay you an annuity during a very long period, and to bet on his future solvency. As a reminder, at the age of 70 according to the INSEE, you will still live for an average of 23 years.
A un âge plus avancé, l’urgence peut également influencer votre choix: un viager sans rente avec un acheteur professionnel pourra peut-être vous sembler moins rémunérateur dans l’absolu, mais il pourra avoir lieu en quelques semaines, là où un viager de particuliers à particuliers, présentant peut-être un prix plus attractif, pourra nécessiter du temps, de nombreuses visites plus ou moins sérieuses et de nombreuses tractations pour enfin arriver à un accord.
Finally, the partial sale can allow you to carry out your projects without giving up the ownership of your property and without getting into debt, by committing only the amount you need. In France, Dillan is the only company to offer this solution.
