Wills

hopeful21

My partner and I are tennants in common on the house we own. I have 70% and he 30%. We have a trust deed stating our percentage in event of split but it states we can will it as we wish. He wants to leave his part to his children but is happy to stay in house till I die. I am in my 60's so would not be able to buy his children out and as I own the largest share want to ensure I am protected. Can he do his will( which he is happy with) stating I can sell the house and his children have no claim on new property or any money made from it until I die. Do we need a solicitor or could we do it ourselves? Thanks

Dunnit

There is dubiety in your mind.

Spend a couple of hundred quid and let a solicitor sort it out properly.

People (his off-spring) can change when they see £'s dangled teasingly within their grasp.

kidmugsy

The best bet might be a will trust, so that you have use of his part of the property for your lifetime, with the capital being available to his children on your death. To a solicitor (who knows about these things)!

xylophone

He wants to leave his part to his children but is happy to stay in house till I die.

You mean that if he predeceases you, he is happy for you to remain in the house until you die?

http://www.primewills.co.uk/will_writers_cambridge.htm

See Life Interest of Residue Trust and Right of Residence Clause

You should see a solicitor about drawing up your wills.

http://www.step.org/online-directory

System

The problem seems to be if he dies first, and his children either want to sell up and take their share, or to live in the house.
You need to sort out together what you would actually prefer to happen in every possible combination of circumstances, and then get a solicitor to advise how to achieve it.

jamesd

I think that all replies so far have focused on you living there after he dies and you're really after guidance about him living there until you die, then him leaving. I'll address the first case in this post and the second in another.

He'll need a solicitor to get this right but it's entirely doable, the general concept is called a life interest trust. That would let you live there until you die, then the property would be sold by the trustees.

The trust should also cover what happens if you need care and want to sell the property to release money to do that.

It would also be useful to cover the case where you might want to use equity release on your 70% interest, stipulating that the valuation used by the prospective lender to work out how much to lend may only be 70% of the property value. Such a clause might also grant the children the right of first refusal to match the commercial terms if they want to - this will protect their interests if you live so long that the accumulated interest exceeds 70% of the property value.

jamesd

hopeful21 wrote: »

I have 70% and he 30%.... I am in my 60's so would not be able to buy his children out

You may be able to buy him or the children out using an equity release mortgage. The percentage of the property value that you can borrow increases as you get older and at some point it will exceed 30% of the property value. Standard equity release mortgages in the UK include guarantees of no negative equity and that you can live there for life.

jamesd

hopeful21 wrote: »

He wants to leave his part to his children but is happy to stay in house till I die.

Are you asking about what happens and how to protect yourself if he wants to leave the house after you die, perhaps to sell it? And/or if he wants to leave and sell it before you die, asking how you can ensure that you can stay there even if he tries to sell or dies first and the children want to sell?

hopeful21

So have not made this clear.
My question only relates to my position when my partner dies and we are together in our house.

He will do a will but I want to ensure my 70% is protected and I have security and do not want to have to sell the house.
He wants to leave his 30% to his children with me as life tenant till I die. (Children will also inherit his house which I have no claim on on)
Could you also stipulate that I could sell the house or any subsequent house and use any residual money as I wish but the children have no claim on anything till I die?
Would his 30% if he died protect me from selling the house in the event I needed care, even thou my 70% would be well above the threshold ?
Thanks