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Separate finances in a relationship
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When Mrs BoPsie joined farces with BoP, it was joint! Still is!0
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Arrrrgggh please read...joint deposit...joint mortgage!0
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Ack,Arrrrgggh please read...joint deposit...joint mortgage!
dont sweat it, your sorted for now, this lot (some of them at anyrate LOL) will now go on to dissect the ins and out of a gnats anatomy. :rotfl::rotfl:,Fully paid up member of the ignore button club.If it walks like a Duck, quacks like a Duck, it's a Duck.0 -
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Which has no bearing on how the property is owned (ie. tenants in common or joint tenants). Do you know which it is?Arrrrgggh please read...joint deposit...joint mortgage!
When you had your will drawn up did your solicitor advise you on the type of tenancy? It's that which dictates what happens to the house after you die not whether it's a joint mortgage and deposit.
You need to be tenants in common (if you're not then it can be changed for a small fee) otherwise the surviving partner inherits the whole house and can do with it as they wish.
Although I trust my DH implicitly we decided that to make it all legal we'd become tenants in common to protect our share for each of our DDs (one each from previous marriages). This doesn't mean they can turf the surviving partner out to realise their share.
I'd really advise that you check this out.
So pleased you had 'the conversation'.:)0 -
Arrrrgggh please read...joint deposit...joint mortgage!
You have misunderstood and Guest and Sheramber are correct. It is not your will which dictates what happens to the house UNLESS you have purchased it as tenants in common rather than joint tenancy and in that case you can leave your share to your kids. If you made your will via a solicitor this should have been explained to you. The deeds of the house will clarify which type of ownership you have.
This is one important thing you need to check if your intention is that your share of the house goes to the kids. If it is joint tenancy if you die the house goes to him and he can do what he likes with it.
The mortgage and deposit have nothing to do with that as presumably if anything happened to either one of you life assurance would pay the mortgage off.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Sorry, cross posted with mamanI’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£2000
365 day 1p Challenge 2026 £667.95/£165
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
We are tenants in common yes0
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