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Upsizing and ownership advice
Comments
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@AdrianC. Thank you
Ultimately, I would like to ensure that my wife does not end up in the street if I were to die. I must admit that I don't have a will and I'm not sure how inheritance works but I suppose I should look into that properly before determining the best way forward.0 -
If you have a will, then the will is followed.I must admit that I don't have a will and I'm not sure how inheritance works
If you don't have a will, then there's a set path to follow to determine who inherits.
https://www.gov.uk/inherits-someone-dies-without-will/y
It sounds as if your case would be your wife gets the first £250k plus half of everything above that, while the rest is split equally between your kids.
If you own the new house 100% yourself, then the house is within that division.
If you own the new house as tenants in common, then only your proportion of the house is within that division, as your wife already owns the rest.
If you own the new house as joint tenants, then the house would automatically become 100% your wife's, regardless of any will.0 -
@AdrianC Thank you very much indeed.0
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