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The license doesn't need to be renewed, if you renew it you will lose the lifetime license. This account can only be taken over by the purchaser. You can change the account details to what ever you want. It is a lifetime, which means you do not ever have to renew the license.
Can it be upgraded to newer versions? But I do not want to spend 275$, although it is worth it, IPB clearly states it does not honour licenses in which account has been taken over. So its a big risk here.
So long as you do not change the license it will remain lifetime, however if you upgrade it to the 4.0 license, you will lose it. If you can download the 4.0 update from someone else, you can use this legal license on 4.0. Are you following me. Because it is a lifetime license, in which it will work fully on 4.0, BUT you will not be able to down load the patch update from IPS to 4.0, because a lifetime license is not upgradeable to 4.0...Make sense?
So basically what I am saying, this is a LIFETIME license. But you will not be able to download the patch update to 4.0 when released, reason being. Lifetime license's are no longer offered. But if you can obtain the patch update some other way, the lifetime license # will always be a legal license, and you will not have to paid the 6 month update fees, etc etc.
This was not a lifetime license. Paid $120 for an expired regular license. The seller will not refund the money. Taking into account that at the moment this is completely useless to me, I even asked if I could pay him an extra $45 to renew and transfer the domain as it is in his name and the URL is filled, but heard nothing back. Completely disgusted with this transaction.
And yes, I sent the paypal payment as a friend to save him the charges, what a mug I am :-(