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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My husband and I have 3 children. Child 1 never paid any housekeeping

Customer Question

My husband and I have 3 children. Child 1 never paid any housekeeping and left home, child 2 paid housekeeping and left home, child 3 still lives at home and pays housekeeping. Our house is valued at £195,000 with £70,000 remaining on an interest only mortgage. We are about to transfer this to a repayment mortgage over 15 years where me, my husband and child 3 will split the monthly mortgage payment 3 ways. For the first 7 years it will be 3 way split but when me and my husband retire child 3 will pay the mortgage entirely for the remaining 8 years. When me and my husband pass away how much is each child entitled to and would the writing of a will be a fair way of dealing with this?
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How do you wish to divide the property between your children?
Clare
Customer: replied 3 years ago.

Well I think that only child 2 and child 3 should receive something because they contributed. Child 1 wants a 3rd but I don't knkw the legal position

Expert:  Clare replied 3 years ago.
Hi
The legal position is that you alone decide who inherits what in your Will.
Child 3 will be in a different position as he will have made a direct financial contribution to the property - paying the mortgage - and may well be added to the title deeds.
One option would be to say that Child 3 will have a third in his own right - and the remainder will be split equally between the three children so that eventually child three will own 5/9 ths and his siblings 2/9ths each.
However the simple fact remains that it is up to you - the only child with a legal claim on the property who could contest the Will because of that would be Child 3.
I suggest that you see a local Estate Law solicitor who can discuss this with you
Please ask if you need further details
Clare