House & Life insurance after breakup question

mysti77

Hi everyone,

I bought a flat with my then partner in 2008. I put the deposit and we shared the mortgage. We broke up end of 2009 and I have since gotten married and had a baby with someone else. The flat is still in joint name with my ex and we have a joint life insurance policy with each other as the beneficiary with the amount to cover the mortgage. I pay the full amount for this insurance since the split as he's not interested in the flat/insurance etc.

I have tried to find out about changing his name out of the property but it seems expensive and i can't afford to do it. We broke up on good terms and he is really not bothered by it all but I'm worried that if something happens to me my husband and child will not be entitled to the property.

my first question, should I cancel the joint life insurance completely or change my beneficiary to my husband?

second, if i had a Will naming my husband as entitled to the property will this be sufficient??

Thanks
Sasha

BitterAndTwisted

Did you protect your deposit with a Deed of Trust? Is the property owned as joint-tenants or tenants-in-common? Who is currently living in this jointly-owned property and who is paying the mortgage?

It is not possible to "change his name out of the property". You will either have to sell and settle the mortgage in full or one of you will need to remortgage in your sole name or you do so with your husband.

I can't advise on the life insurance thing but I suspect that it is taken out in order to protect both the remaining partner and the mortgage-lender in the event of the death of one of you. I would very strongly suggest that you not consider meddling with this as the actual cost is probably minimal in the great scheme of things..

mysti77

Hi,

Thanks for your reply. I didn't protect the deposit. How can I tell if it's joint tenant or tenant in common. I just paid for and downloaded the title deed but I can't work out which it is. Also if it's tenants in common, how can i find out what share we each have?

Title deed says this:

2 (28.04.2008) RESTRICTION: No disposition of the registered estate
by the proprietor of the registered estate is to be registered
without a certificate signed by the proprietor for the time being
of the estate registered under title number TGLxxxxxxx or, if
appropriate signed on such proprietor's behalf by its secretary or
conveyancer or managing agent that the provisions of clause
3(14)(ii) of the Lease dated 14 April 1972 to which the registered
Lease is drawn by reference have been complied with.

Thanks,
Sasha

BitterAndTwisted

From what I understand when a property is owned as joint-tenants, should one party die their share is automatically inherited by the remaining party. Where a property is owned as tenants-in-common the deceased's share can be left to someone else in their will. Your conveyancing solicitor should have explained all this when you bought and if you were not encouraged to make wills at the point of purchase, even mirror ones, this is highly suggestive to me of it being owned as joint-tenants.

In any case, as far as I can see none of that has much bearing on the insurance policy. The cost of the premiums is a joint-liability and your ex should be paying for half of all payments.

I'm assuming that as no Deed of Trust was drawn up at the time, you were happy for your ex to have an equal claim on the deposit and any equity upon sale. Did you ever discuss any of this between you when you planned this purchase?

I'm also assuming that as you have mentioned that your ex has no particular interest in the flat that you and your husband are currently living in it. Perhaps you could view your covering the insurance premiums alone as a small contribution towards renting his half of the flat from him?