Your uncle has a life interest, which means he is allowed possession of the property until he dies. He will not be allowed to sell the property or mortgage it or do anything else with the property except for live there rent free. You are not allowed possession of the property (e.g. live there) without your uncle's consent. Similarly, you cannot rent it out. You will most likely be able to sell your remainder share in the property off at anytime. This means, you will be selling your right to take possession and to own the property upon your uncle's death. Mortgage repayments and other expenses toward the property are born by both you and your uncle, generally equally. This is the general position unless the will expressly says something different.
