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Joshua
Joshua, Lawyer
Category: Family Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Me & my partner both have mortgages on our own homes. We are

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Me & my partner both have mortgages on our own homes. We are unmarried. I am moving in with him & renting my property out to a family member. We want to leave our mortgages as they are. However, we are expecting a baby. We would like insurance to cover our own mortgages in the event of death or injury. How can we make sure our mortgage would be paid off and the ownership of the house pass to each other in such circumstances without either of us being on the mortgage or deeds? We would both like this to be a possibility to ensure each is looked after and then passed to our child when old enough. What can we legally set up to ensure this happens if such an option is available. Or do we have to revise our mortgages. Or simply set up a will. Or terms on our insurance policies?
Submitted: 1 year ago.
Category: Family Law
Expert:  Joshua replied 1 year ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.

May I ask if re the property that is to be let out, you are applying to change the mortgage to a buy to let product please?
Customer: replied 1 year ago.

Hi,

No, my sister will be renting it. I am under the impression that this does not require a buy to let with my mortgage lender.

Expert:  Joshua replied 1 year ago.
Thanks. Normally this would be a situation which would be contrary to your mortgage conditions as almost all residenial mortgages provide that you must live in the property. Renting to a lodger with you still living in the property is normally fine but not moving out and renting to someone, family or not. It could be that your lender offers special terms as you suggest but this would be unusual so do not assume this to be the case. The normal position would be that if you are moving out and renting to a third party family or not, a buy to let mortgage would be required or you would be in breach of your mortgage terms. If your lender does not allow it, then you should be able to switch to a BTL product with the same lender - most BTL mortgages have a higher interest rate though. I would recommend checking with your lender on the position before you commit to anything. otherwise in terms of your specific questions, (congratulations incidentally on your baby to be) you would wish to look to taking out life insurance cover so that each of you would receive a lump-sum payment in the event of the others death. You can decide what level of payment you would need and of course the level of payment you choose affects the premium you will pay so discretion of balancing cost and benefit. many people choose to set the level at an amount sufficient to pay off a mortgage with or without additional sum on top depending upon affordability. You can obtain quotes from almost any local financial adviser. There are also some basic search engines online which can give you an indication as to likely premiums. as regards ***** ***** themselves, if you intend to keep these in your own respective names which seems perfectly sensible, you will need to ensure that you have both prepared Wills which provide that you respect property passes to your partner in the event of your death if this is your wish. In addition, though it is on an entirely unrelated subject, you should also consider including in your will is a directive in respect of parental responsibility should anything happen to both of you that you can ensure the personal persons of your choice would take parental responsibility for your child in the circumstances. If you do not include such a directive in your will, then a court will decide who has parental responsibility in the event of anything happening to both of you. If you wish to make a provision in your will is that your respective houses passed to each other but then passed your child at a certain age, many will need to provide for a trust in your Wills is your child cannot inherit anything until they are at least 18 years of age many people choose a higher age than this so the money is not squandered at university and so on. If you wish to include a trust in your will, it is very advisable to contact a local solicitor to prepare a will for you rather than attempting a home-made DIY will because these can easily go wrong when dealing with trusts. However, with the use of a straightforward trust in your will, it is actually possible to ensure that your child inherits your property at a given age and if you wish, your partner has the benefit of the property until that time either for their own use or for the benefit of your child as you prefer. I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me I'd be very grateful
Joshua, Lawyer
Category: Family Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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