What happens if I die?

roddydogs

What do you mean "If", do we have a choice?

kingstreet

roddydogs wrote: »

What do you mean "If", do we have a choice?

As has been pointed out, the options are tenants in common, or joint tenancy. The purchaser has to work out which route is the correct one for his or her circumstances.

pinkteapot

roddydogs was referring to the if in the post title, saying it should be "what happens when I die?"

OP - as you are buying as tenants in common rather than joint tenants, make sure you have a will. If you die, your half will go to whoever is listed in your will (it will be part of your estate). Bear in mind that if it goes to your relatives and they want the cash value of it, your other half could be forced to buy half of the house from them or sell up and move out. Probably not something he/she wants to be worrying about at a time like that.

Who do you want to own your half of the house if you die? Do you want to make sure your OH can stay in it? That's what you need to answer.

Equally, make sure your OH has a will and that you know what will happen to the house if they die.

If you own as joint tenants and one person dies, the other person gets their half of the house automatically.

girl_withno_name

roddydogs wrote: »

What do you mean "If", do we have a choice?

I meant "if" while tenants in common... I imagine we'll move to joint tenancy once we're married.

Thanks everyone for your replies, I'll have a proper read through later and do some research (it sounds like I've a lot to learn!)

kingstreet

For what reason have you selected tenants in common? What do you think it does for you and what are you trying to achieve?

Mojisola

pinkteapot wrote: »

If you own as joint tenants and one person dies, the other person gets their half of the house automatically.

This is probably worth a pedant alert but I understood that when you own the house as joint tenants, you both own all the house. That's why when one owner dies, the other is the owner of the whole property. There's no transfer of the deceased's portion required.

getmore4less

girl_withno_name wrote: »

I meant "if" while tenants in common... I imagine we'll move to joint tenancy once we're married.

Thanks everyone for your replies, I'll have a proper read through later and do some research (it sounds like I've a lot to learn!)

Not a good assumption,

The main thing marrying changes is the transferable nill rate band which changes some of the IHT issues of not being married.

Most of the other exit issues still apply.

girl_withno_name

kingstreet wrote: »

For what reason have you selected tenants in common? What do you think it does for you and what are you trying to achieve?

I had limited knowledge and advice such as included here suggested this was the most usual / appropriate route for unmarried couples

girl_withno_name

getmore4less wrote: »

Not a good assumption,

The main thing marrying changes is the transferable nill rate band which changes some of the IHT issues of not being married.

Most of the other exit issues still apply.

Can you not change from one to another?? I'm not assuming that the type of ownership would automatically change, but could we not seek to move to joint tenancy in the future?

getmore4less

girl_withno_name wrote: »

Can you not change from one to another?? I'm not assuming that the type of ownership would automatically change, but could we not seek to move to joint tenancy in the future?

you can change but that does not make it the right thing to do any more than not being joint tenants now.

It depends, everyones needs are different and change over time.