minkiesmum

minkiesmum

My beloved partner passed suddenly last october at 57.
Since then I am waiting for the solicitor to complete probate.
Our house was held as tenants in common we each hold a 50% share.
His share was left to his daughter whilst I have a lifetime interest in the whole property.
I may need to downsize due to cost of running a large semi on my income but because the current mortgage will have to be paid, I will need a smaller mortgage of about 30 k to stay in the area near family.
Problem is can I get a mortgage if the new property will still partly belong to my late partners daughter?

G_M

You buy the new property in your sole name.

When you sell the current property you will lose your life nterest in it. Half of the value of the property (ie the sale price - mortgage - selling fees) will go to his daughter, leaving you with the other half to use towards your new property.

Mojisola

G_M wrote: »

You buy the new property in your sole name.

When you sell the current property you will lose your life nterest in it. Half of the value of the property (ie the sale price - mortgage - selling fees) will go to his daughter, leaving you with the other half to use towards your new property.

It depends on the wording of the will.

A well-written one should give the beneficiary the ability to move house while retaining the use of the capital.

Keep_pedalling

There is also the complexity of the mortgage. The daughter has not inherited 50% of the house she has inherited 50% of the equity. Any increased equity acquired by the OP through mortgage payments belongs solely to her.