Renting but looking to buy

knittingnanny1102

So I need to get my will arranged and am currently in-between property and renting but will definitely be buying something in the next 12 months.  On the online will writing sites one of the first questions is are you a home owner.  So my question is if I do and pay for a will now as a non home owner will I have to pay again once the house is bought.  My wishes would be very straightforward between myself and my partner 

Mark_d

Assuming close family know your wishes and your pension scheme are aware of your wishes, then I would suggest that the will can wait until you're a homeowner.  If you get the will done now you will need to have changes made once you're a homeowner but I have no ideas what the charges for this would be.

p00hsticks

knittingnanny1102 said:

So I need to get my will arranged and am currently in-between property and renting but will definitely be buying something in the next 12 months.  On the online will writing sites one of the first questions is are you a home owner.  So my question is if I do and pay for a will now as a non home owner will I have to pay again once the house is bought.  My wishes would be very straightforward between myself and my partner 

This is a money saving site, but most people here would recommend that you use a proper STEP regulated solicitor rather than an online will writing site, even if it costs more. A will is an important document and at a  face to face meeting with a solicitor they'll talk you through all the various things to consider, including possibilities and implications that may not have occurred to you. 

I'm not an expert but I can't see how the fact that you do or don't own property has any bearing on the contents of a straight forward will. (Perhaps these will writing companies use it as an excuse to charge more ?) 

In my experience addresses of both the person drawing up the will and the named executor have been given, but my understanding is that this is only as an additional 'belt and braces' step to ensure that the right person is identified - 'John Smith of 1 Acacia Avenue' is more precise that just 'John Smith', and if John Smith has since moved from Acacia avenue it doesn't matter. 

The general advice is not to mention any specific properties in wills, as properties can be bought and sold over time, and if specific properties are left to individuals but sold prior to the death - for example if the person need to go into care - then the bequest fails and the result may be something completely different to what was originally intended. 

And perhaps even more important than a will, get Powers of Attorney in place if you don't have them already, so that people can act on your behalf if you become incapacitated for any reason. 

Keep_pedalling

When you say partner do you mean you are not married or in a civil partnership? 

If that is the case and you or your partner’s net worth exceeds £325k then you need to think about the implications on inheritance tax.

Please do not DIY this or use an on line will, get in contact with a local solicitor to draft your will they are too important to penny pinch on.

p00hsticks

After a bit more thought, there is one scenario where it would make a difference whether you were a property owner or not - and that is what you would want to happen to your live-in partner in the event of your death. It's still quite common for spouses to leave property to children but to specify that the partner should be able to remain living in the property for as long as they wish. (In such a case I believe the property would need to be owned outright or there be sufficient other assets in the estate to be able to pay off the mortgage). 

This is perfectly doable via a will but requires a bit of thought (e.g who pays for maintenance, what if the partner remarries etc ) and is still no reason why a will-writing company would need to know up front whether a potential client is a property owner, even before the terms of the will are discussed..