Mortgage with mum
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Hannahbanana19
Posts: 1 Newbie
I wonder if anyone can answer a question that I am sincerely struggling with.
My husband recently purchased a house off of the council with his mum, under right to buy. The mortgage they have currently lists them as ‘tenants in common.’ The mortgage was for 62,500 and was a 7 year mortgage. I understand that if his mum were to die (hopefully not) during the mortgage period, then the house would automatically transfer to my husband.
I want to know what happens AFTER the mortgage is paid off. How does ownership of the house work? Do they own the house 50/50? Is she able to leave her half of the house to someone in a will? Or will the house still automatically go to my husband?
Thanks to anyone who can answer!
My husband recently purchased a house off of the council with his mum, under right to buy. The mortgage they have currently lists them as ‘tenants in common.’ The mortgage was for 62,500 and was a 7 year mortgage. I understand that if his mum were to die (hopefully not) during the mortgage period, then the house would automatically transfer to my husband.
I want to know what happens AFTER the mortgage is paid off. How does ownership of the house work? Do they own the house 50/50? Is she able to leave her half of the house to someone in a will? Or will the house still automatically go to my husband?
Thanks to anyone who can answer!
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Comments
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Hannahbanana19 wrote: »I understand that if his mum were to die (hopefully not) during the mortgage period, then the house would automatically transfer to my husband.
Not necessarilyI want to know what happens AFTER the mortgage is paid off. How does ownership of the house work? Do they own the house 50/50?
Not necessarilyIs she able to leave her half of the house to someone in a will?
Yes0
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