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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2849
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I believe joint tenants - value circa £460k with £160k

Customer Question

I believe joint tenants - value circa £460k with £160k mortgage - Only other assets I have a few pensions with a total pot £100k - My wife (not yet divorced ) has local authority (school administrator) £8.5 k / anum pension - no savings
She is in full time employment
Since separated I have remained in the house paying the mortgage interest only and her rent £850 / month. Ended up dong this as both our children still at home 21 & 23 - both in start us businesses and have chosen to support this way - I am 55 she is 51
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.

Thanks for confirming. As joint tenants you will not be able to bequeath your share in your will as the property is held only between joint tenants, and on the death of one the property automatically passes to the other. You will need to sever the joint tenancy and transfer into tenants in common in equal shares, which will enable you to pass on your share in your will.

In relation to your pension, you will need to check with your pension provider as there are different rules for this and you will need to specify a beneficiary as part of your pension policy.

You should also be aware that if you do not have a will and you are still married, your estate up to £260k automatically passes to your wife. Everything above that will be divided equally between your wife (50%, as well as personal possessions) and your children (sharing 50%). Furthermore, in the event that there is a will in place and your wife, even after divorce, cannot maintain herself and requires financial support, she could potentially apply to court for financial provision out of your estate. It is therefore important to consider and agree a clean break order with your wife to prevent any future claims against your estate from her.

I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you.

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Customer: replied 1 year ago.
Can I change my mortgage from joint tenant or will that be a whole re mortgage.
Pending divorce is there a legally binding agreement that could be drawn up that if agreed with my estranged wife that should anything happen to either of us the children benefit from half of the house and not the spouse?
If I make a will now leaving pensions and life insurances to my children will that stand.
Thanks
Expert:  Harris replied 1 year ago.

If you are only transferring from joint tenants to tenants in common you do not need to involve the mortgage company as you will both still be jointly and severally liable for the mortgage.

If you make a will now it will be effective so long as it is valid, however, your wife can potentially make a claim against your estate if you pass and there is no provision for her.