tenants in common - what happens to the mortgage if one party dies?

helski09

My partner and I have a joint mortgage and are tenants in common (rather than joint tenants). We have some outstanding mortage debt on the property.

Theoretically if I were to leave my share of the house to a third party, would that third party become jointly liable with my partner for any outstanding mortgage, or would my partner be liable for the remaining mortgage on his own (despite not owning the whole property).

Thanks

Helski

dzug1

The life insurance you have taken out should repay the mortgage.

If you haven't taken any out, the third party is not liable for the mortgage, unless he chooses to take it on - you cannot force him to do so. The upshot may be a forced sale of the property.

Senior_Paper_Monitor

My pet subject of the moment (in mid research project on the whole tenancytype/wills/trust/insurance issue) .....

Mr Dzug Snr is absolutely correct - you can/probably should protect against the enforced sale situation with a 'lifetime interest' clause with instructions covering property change after your death if you wish (assuming you still like your partner! 'now' rather than 'after your death')