Names in title deeds and land registry

monty-doggy

I'm almost complete with the purchase of my house.

My partner will eventually be living with me and as far as I am concerned its as much his as it is mine, I don't want to go down the route of who paid what and deposits etc.

The purchase is solely in my name.

If I do a will stipulating in the event of my death it goes 100% to him is that good enough?

We don't want any added expense of changing deeds etc if possible at this stage.

Also do I have to let the mortgage company know I have someone living with me and what happens if I don't?

Thanks

Itismehonest

As far as the will is concerned, you should consider what would happen if you were both to die together.

Mojisola

monty-doggy wrote: »

If I do a will stipulating in the event of my death it goes 100% to him is that good enough?

That will deal with the situation if you die before him.

As previous poster says, also make provision for what happens to the property if you die together or he dies first - who would inherit then?

Debt_Free_Chick

monty-doggy wrote: »

I'm almost complete with the purchase of my house.

My partner will eventually be living with me and as far as I am concerned its as much his as it is mine, I don't want to go down the route of who paid what and deposits etc.

The purchase is solely in my name.

If I do a will stipulating in the event of my death it goes 100% to him is that good enough?

Then the house will be sold after your death and any equity - the sale proceeds less costs of sale less any mortgage - would go to your estate and be distributed in accordance with your will. If you give "the house" to your partner, then I'm not sure that he/she would get it completely if you had other debts. I really think you need advice on this.

Also do I have to let the mortgage company know I have someone living with me and what happens if I don't?

If you are getting a mortgage, you would have been asked this question already.

Mojisola

Debt_Free_Chick wrote: »

If you give "the house" to your partner, then I'm not sure that he/she would get it completely if you had other debts. I really think you need advice on this.

This is very important. As you want him to be able to carry on living there, make sure the mortgage will be paid off if you die. As you won't have the benefit of spousal exemption for inheritance tax, keep an eye on the levels that is set at. Surviving unmarried partners do sometimes find themselves having to sell the family home in order to pay inheritance tax.

monty-doggy

We plan on getting married in the next couple of years anyway, and we have life insurance so should one of us die, the house will be paid off.

It's awful to have to think about it!

ACG

Is the life policy a joint life policy?
If not you should look at putting the policy in trust... its a free form you can get from your life insurance company. It effectively ensures the money goes to who you want it to, without going through probate.

I notice you live in stockport, if you need a hand filling it out give us a shout our office is in Altrincham and i live near Cheadle so not a million miles away.

But yes a Will, will ensure your estate goes to who you want it to, some people decide to do this with a kit from WH Smith but personally i think its far better to get something like this done properly either by a Will writer or a solicitor.

zzzLazyDaisy

Your proposal to keep the house in your name, and make a will leaving the house to him if you go first is a good way to protect both of you at this stage. I would suggest that you check the will carefully and make sure that it stipulates that he must survive you by (say) 30 days. Why? because if (heaven forbid) you are both involved in a car crash together and he dies a day after you, then without that provision the house would go to him and then pass to his family/beneficiaries under his will/intestacy which is presumably not what you would want. As others have said, it is important to make sure that the will stipulates what you want to happen if he either predeceases you, or fails to survive you by (say) 30 days. In the event that he might die, your flast thought is going to be changing your will.

Also, you mention that you plan to marry at some point. Do bear in mind that a marriage invalidates your will. It is possible to make a will 'in contemplation of marriage' but the marriage must take place within the year. So I suggest that once you set a wedding date, you review your wills and make new ones 'in contemplation of marriage' rather than leaving this till after the wedding (after all.... you might decided to go bungee jumping on your honeymoon...)

Once you are married things start to change anyway. If you split up in the first couple of years it may not make any difference, but as the years go on all investments savings assets become 'joint matrimonial assets' and the the starting point is 50/50 (though there are lots of factors that can change this, the biggest one being who will be primary carer of any children).

I am really sorry to talk about death and divorce when you are all loved up and looking forward to making a home together, but better to know than not.

Dx

monty-doggy

We have separate life policies at the moment, there wasn't much in the cost and this way each policy could pay out and we have children to think of. (His, my stepchildren)

My thoughts were to do my will leaving everything to him, or if we both die it goes to his children with a small portion for my adopted brothers.

Obviously if he outlives me for a long time, want him to have a home. My policy would pay off the mortgage, and then if he dies, his policy leaves a legacy to his children.

I don't ever want him to feel if the worst happens or we split up he wouldn't get his half because I'm not like that. Even though the house is in my name I'd split it anyway.

God this is so grown up! Still feel like a loved up teenager!