Property on death

imnothere7

Hi I am just curious as to what the position would be if:

Married,
House is under one name on the deed,
Mortgage is in joint names,
The spouse, whose property the name is under, dies and leaves a will leaving the house or a major share (e.g. 90%) to another

What interest would the other spouse have in the property?

Before anyone says otherwise it is possible for the mortgage to be in joint names but the house to be under a sole name, as it is in this scenario...

kingstreet

It is possible to have a mortgage in two names, a property in one. It's the other way round which is a problem.

If the sole owner dies, the property falls into their estate, regardless of who is named in the will. Probate will be required and the Executor will be responsible for settling the debts of the estate, before the proceeds can be distributed, according to the will.

As the mortgage is a liability of the estate, it would have to be cleared, as one of the debts mentioned. In the period between death and the settlement of the estate, the other party to the mortgage would need to ensure payments continue, as it's a joint and several liability. Non-payment would create future credit problems for the borrower.

Mojisola

imnothere7 wrote: »

Married,
House is under one name on the deed,
Mortgage is in joint names,
The spouse, whose property the name is under, dies and leaves a will leaving the house or a major share (e.g. 90%) to another

What interest would the other spouse have in the property?

Assuming it's the family home and the only one the couple have, the spouse would have a good basis to fight the will.

Mind you, if someone is daft enough to be jointly responsible for a mortgage on a house when they don't have their name on the deeds, who knows?

holly_hobby

imnothere7 wrote: »

Hi I am just curious as to what the position would be if:

Married,
House is under one name on the deed,
Mortgage is in joint names,
The spouse, whose property the name is under, dies and leaves a will leaving the house or a major share (e.g. 90%) to another

What interest would the other spouse have in the property?

Under the terms of the will - none - unless challenged in court.

If no valid will can be located at the time of death, then the laws of intestacy apply - which favours any surviving spouse and issue.

The estate can not be adminsitered however, until all debts are satisfied, so I presume your partner has life cover to repay the mge on their death. Otherwise if the property has to be sold to repay, and there is a shortfall re paying the os mortgage debt, the lender may continue to pursue you for this sum (for upto 12 yrs), as joint mortgagor - so if none in place may be an idea to address this side of things.

imnothere7 wrote: »

Before anyone says otherwise it is possible for the mortgage to be in joint names but the house to be under a sole name, as it is in this scenario...

Yes, its entirely possible - but holds all the financial risks and none of the benefits, for the poor individual omitted from the deeds. Sure you had your reasons for initially proceeding this way, but if possible, I would really strive to get my name on those deeds !

Hope this helps

Holly

Mojisola

holly_hobby wrote: »

Under the terms of the will - none - unless challenged in court.

Not making "reasonable financial provision" for a spouse is a good way to get your will challenged.

holly_hobby

Mojisola wrote: »

Not making "reasonable financial provision" for a spouse is a good way to get your will challenged.

Yes quite corrrect, as I said the will stands, unless challenged in court, of which of course there is no absolute gte of it being overturned. This would be brought under "Inheritance (Provision for Family and Dependants) Act 1975".

TBH, if I was the OP, I would be most concerned that not only am I not on the deeds, but that I'm of the mind that my partner may well try and bequest my home elsewhere !

Hope this helps

Holly

Mojisola

holly_hobby wrote: »

Yes M, as I say, unless challenged in court - of which of course there is no absolute gte of it being overturned./QUOTE]

Sorry, didn't make it clear that I was agreeing with you.

holly_hobby

No, absolutely M x .... just confirming that a contest would be possible, I do feel a little worried for the OP, that this is even crossing her mind ..... they need to get on those deeds asap.

H x