Ownership of my house after my death

fryderykchopin

Here is my situation:
I bought my first house this year and I am the only legal owner of my house, my name is the only name that appears on the Title Register from the Land Registry and on the mortgage.
I'm single at the moment but I will get married next year. In the event of my death, I would like my wife to: A) keep the house, and B ) have enough financial stability.
Point B wouldn't be a problem because my workplace pension scheme would pay a lump-sum of 3 times my annual salary to the person that I nominate, who will be my future wife. This amount is enough to pay off the mortgage so the house would become mortgage-free if I die. She would also receive enough income from the spouse's pension.
My concern is about point A: what would happen with the ownership of the house? The money she would get from the life cover of my pension scheme would be enough to pay off the mortgage and this is what I would like to happen, so she can keep the house. However my future wife's name is not in the title register or mortgage, plus she had to sign a letter of consent and postponement by deed for the lender, so I wonder if the bank would just sell the house to recover the loan if I die, instead of taking the money from my wife and giving her the house.
If we get married and I die afterwards, does my wife become the new legal owner automatically and takes the mortgage debt from me, or should I make a will and put her name there so she can receive the house in inheritance?
I hope my question is clear enough. Any light on this would be appreciated.

manc_doc

It's sensible to make or update will after marriage anyway. If you die without one it would go to her anyway, but will take longer.

davidmcn

fryderykchopin said:

I wonder if the bank would just sell the house to recover the loan if I die, instead of taking the money from my wife and giving her the house.

Why on earth would the bank want to do that, even if they could? Repossessions involve large costs and risks for lenders, they'd infinitely prefer that somebody just sends them the money. You're worrying unnecessarily. Your wife would redeem the mortgage and transfer title to herself.

AnotherJoe

fryderykchopin said:

If we get married and I die afterwards, does my wife become the new legal owner automatically

No. What does your will say?

and takes the mortgage debt from me,

No. You cant inherit a mortgage.

or should I make a will and put her name there so she can receive the house in inheritance?

Yes of course you should.

I hope my question is clear enough. Any light on this would be appreciated.

Just do the bleedin' obvious and make a (new?)  will.

If you are as young as you sound, you'll also find that life insurance should be very cheap and will enable the mortgage to be paid off , making the lump sum more than just a cheap flawed life insurance.

Flawed because what happens if you move jobs and the new job doesn't come with that, or enough, or you are between jobs / out ofa job (someone i know of, their husband died between jobs, the work  insurance didn't pay out since he'd left old job and he hadn't started the new one so no luck there either..)

Carl2510

Am I the only one noticing he said he’s single and will marry next year thinking it’s that simple to find someone 🤣

MovingForwards

Carl2510 said:

Am I the only one noticing he said he’s single and will marry next year thinking it’s that simple to find someone 🤣

Arranged marriage? mail order bride? Perhaps 'single' means not living with wife-to-be and that's why the sole mortgage was mentioned?

Make a will in contemplation of getting married next year, assuming you know who your wife is going to be. House goes to wife, mortgage is paid off by death in service benefit (assuming wife-to-be is named in the expression of wishes and you are still working with the same company).

davidmcn

MovingForwards said:

Carl2510 said:

Am I the only one noticing he said he’s single and will marry next year thinking it’s that simple to find someone 🤣

Arranged marriage? mail order bride? Perhaps 'single' means not living with wife-to-be and that's why the sole mortgage was mentioned?

Or it could just mean "unmarried", not that there isn't already a (possibly cohabiting) fiancee.

manc_doc

Make a will in contemplation of getting married next year, assuming you know who your wife is going to be. House goes to wife, mortgage is paid off by death in service benefit (assuming wife-to-be is named in the expression of wishes and you are still working with the same company).

My understanding is that a marriage can invalidate a will, so would need updating after the wedding if done in anticipation. (I work in end of life care, often have patients doing both wills and wedding close together, always wills second)

dimbo61

I would be very surprised if the mortgage lender did not recommended that you take out Life assurance to at least cover the mortgage.
If you do get married then Joint Level Term Life Assurance with guaranteed monthly single premiums would be a very good idea.
Maybe critical illness cover as well if you have children 

getmore4less

Without a will if the op has children the estate assets depending on value may not all go to his future wife. 

AdrianC

If you die without a will, there is an established hierarchy of who gets what. Intestacy.
https://www.gov.uk/inherits-someone-dies-without-will

1. Spouse
2. Kids/Grandkids. (If the estate is £270k+, then the spouse gets the first £270k plus all "personal possessions" 50% of the rest, the rest goes to the direct descendants.)
3. Parents
4. Siblings
5. Half-siblings
6. Grandparents
7. Aunts/uncles
8. Half-aunts/uncles
9. The Queen.

If you wish to vary that, then a will is the way to do it. Notice that an unmarried partner is nowhere at all on the list.

When you die, your estate needs to repay any debts - including the mortgage - from any assets. Then any assets remaining are distributed. If the mortgage can be paid from other assets, the house does not need to be sold. The life insurance payout should cover that.