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Rendre liquide son patrimoine immobilier pour améliorer sa retraite tout en continuant de vivre chez soi: une envie bien légitime, mais concrètement, comment faire? Il existe malheureusement peu de solutions à disposition du grand public pour y parvenir. La vente en viager traditionnel, concept introduit en France par Charles II en 876, en est une, mais est-ce la solution idéale?
Rente viagère, viager occupé, viager libre, viager sans rente... Le mot « viager » fait l’objet de multiples variations, pas toujours faciles à comprendre. Alors avant tout, arrêtons-nous quelques instants sur la définition du mot « viager ».
"Viager" is primarily an adjective, derived from the Old French viage (duration of life), and defined by the Robert as "which is intended to last for a person's lifetime and not beyond". By extension, the word "viager" appears as a masculine noun synonymous with "life annuity".
From a legal point of view, the "life annuity" contract appeared in the Civil Code in 1804. It is defined as a way of acquiring ownership, in particular ownership of real estate, and consists of a regular payment of an annuity for the lifetime of the person or persons concerned.
Literally, the sale of a life annuity property is therefore conditional on the payment of a life annuity for the lifetime of the seller.
Very often, the seller of a life annuity property wishes to continue to live in the property he is selling. To do this, at the time of the sale he reserves a Right of Use and Dwelling for life. The traditional life annuity sale is therefore characterised by the payment of a life annuity and by a life Right of Use and Dwelling.
Et le « viager sans rente », dans tout cela? Il s’agit tout simplement de la vente d’un bien immobilier avec une réserve de Droit d’Usage et d’Habitation viagère, mais dont l’intégralité du prix est versée au moment de la transaction.
There are many reasons for wanting to obtain liquidity, such as a low income after retirement or a desire to carry out projects for oneself or to help one's loved ones.
When you own a property, selling it as a life annuity allows you to access an additional source of income, by transforming the wealth locked up in your property into cash.
In the most common format of life sales, the senior owner sells the property in exchange for a cash payment, called the "bouquet", and a life annuity. The transaction is the subject of a deed of sale signed at the notary's office, with a set of clauses and provisions that can mostly be negotiated between the parties.
Contrairement au prêt viager hypothécaire, la vente en viager est une transaction immobilière: vous n’êtes plus propriétaire de votre bien immobilier, avec les avantages et les inconvénients que cela peut générer.
In an occupied life annuity, the seller reserves a Right of Use and Dwelling for the duration of his life, so that he can continue to occupy the property as before.
In a free life annuity, the property is sold without reserve; the purchaser can therefore freely dispose of the property from the moment of the transaction. As with an occupied life annuity, the sale price is generally made up of a bouquet and an annuity.
Au moment de vouloir vendre son bien en viager, se posera inéluctablement une question primordiale: combien puis-je obtenir avec la vente de mon bien?
Every property has a market value, which corresponds to the amount that could be obtained by selling full ownership of the property, free of any occupants. This is the market value, which can be estimated by a real estate expert, in complete independence.
Now let's assume that you want to sell this property, but continue to live in it throughout your life. A discount will be applied to the market value, since the purchaser of the property will not be able to obtain rental income by renting it. The discount is calculated according to life expectancy; tables can be used, but the discount can be freely fixed by agreement between the parties. This gives the economic value of the property subject to the right of use and habitation.
Enfin, cette valeur économique peut être partagée en deux parts: le bouquet qui sera versé immédiatement lors de la vente, et la rente qui sera versée tout au long de la vie du vendeur. Cette rente viagère peut faire l’objet d’une indexation, prévue au contrat, pour prendre en compte les effets de l’inflation. Il est tout à fait possible de prévoir uniquement un bouquet, qui correspondra à 100% de la valeur économique, on appelle cela communément le « viager sans rente ».
Selling a traditional life annuity is an attractive proposition with many advantages, but there are some disadvantages that should not be overlooked and should be kept in mind.
Premièrement, le viager traditionnel est un contrat aléatoire: vous vendez votre bien immobilier à un acquéreur qui va vous verser un bouquet immédiatement, généralement de l’ordre de 20-30% du prix total, et le reste vous est versé sous forme de rente mensuelle, durant toute votre vie. Si malheureusement le décès intervient avant la date correspondant à l’espérance de vie statistique, le prix perçu pour la vente du bien immobilier sera pénalisé.
Secondly, the relationship between the seller and the buyer can be complex. Indeed, due to the uncertain nature of the contract, the interests of the seller and those of the buyer will be profoundly divergent. Michel Serrault and Michel Galabru, in the film "Le viager", illustrate with talent and humour the growing impatience of the buyer.
Le principal risque associé à la transaction concerne le non-paiement de la rente viagère. Des garanties sont à prévoir dans le contrat de vente pour être bien protégé encas de litige, comme par exemple le privilège du vendeur ou la clause résolutoire. Néanmoins, cela entraînera des procédures juridiques lourdes, qui permettront de récupérer les sommes non payées et de résilier le contrat de vente, mais il faudra retrouver un autre débirentier pour les futures rentes.
From a tax point of view, the bouquet is not taxed, but the life annuities are, under income tax. Therefore, be careful to adjust the share of bouquet vs. annuity, so as not to increase the tax burden.
Finally, the sale process can be long, uncertain and tedious, due to the imbalance between the number of offers of properties for sale in life annuity, which is much higher than the number of interested buyers, except in a few very specific geographical areas.
The Dillan company, which allows seniors to access the wealth locked up in their real estate assets, offers an alternative to traditional life annuity.
With Reverso and Reverso Flex, your real estate wealth is now accessible in a simple, transparent and fast way. Over many years, you have built up a real estate portfolio that often represents the bulk of your life savings. In many cases, your property has increased in value over the years. Whether you want to obtain a moderate or a large amount of capital, whether you want to remain an owner or not, Dillan has the right solution for you.
