Tenants in Common

doublekite

My partner and I own our house as Tenants in Common, with me having the larger share, all legal in a Trust Deed. This has been done to protect my childrens inheritance as they are from my previous partner.

We are now planning to get married, and would also like to pay off the mortgage from our savings.

My questions are:
1. Would the trust deed still be legal after the mortgage is paid off, or would we need to do another? At present there are clauses as to what happens if the property is sold whilst still mortgaged.
2. Would a Trust Deed be affected by our marriage? I am concerned that the house would become 50/50 upon marriage, despite having a Trust Deed saying otherwise.

Jinx

Call your solicitor and ask.... I dont think a 2 minute phone call would cost you anything...

My hubby and I have a similar agreement (financial agreement - it wasnt called a trust deed, we're in Scotland) which was written before marriage for the same reason and as far as I know it wasn't rescinded by marriage. We did however agree to rip it up if we ever got married (not a huge disparity in the monies) which we then did.

RAS

Talk to a lawyer.

And as a basic, are you aware that marriage renders all previous wills invalid, unless the will was specifically written in contemplation of marriage?

If you die intestate, your new husband could get a good percentage of your part of the tenancy in common. I think it is the first £250,000 of the estate but could be more (the amount changed a couple of years ago).