Home ownership & Wills

TBagpuss

you can leave the property to your children, with your friend having a life interest, or rights to occupy.you need to specify the conditions on which thy can stay- e.g. requirements to pay the mortgage, maintain the property etc.
You'd also need to think about what would happen if your friend needed to move - could they sell up and buy a new property, or not?

I agree that a solicitor who is a member of STEP is who you should see.

Thrugelmir

Mojisola wrote: »

If the survivor only has half the capital to buy somewhere new and that isn't enough to buy a new property, it can mean that the survivor stays in an unsuitable house rather than move into a rented property.

Once the property is sold. It will be difficult for the money released from the sale to be accounted for.

If either party wishes to leave the other some money in the event of death. Some life assurance will suffice for the purpose.