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Hi, thanks for your enquiry. The proposal does appear to be a little strange, I must admit. I take it that your Wife wants to make sure that any monies in her Estate are firstly used to discharge "her half share" of the Mortgage? If so, I take it that she has the liquid assets (ie cash/savings/shares etc) to cover the value of her half share? Could you also confirm that your Wife's Will proposes to leave everything to you if she were to go first? Kind Regards Al
Hi, thanks for your reply. The more I think about it the more I think the severance of the joint tenancy will be of no benefit. If your Wife wants to "leave" her share of the property to you, then she may aswell leave the property as a Joint tenancy, meaning no paperwork relating to the property is necessary now or if she goes first. If she wishes to make sure £X of the Mortgage is paid off using her Estate, she can just specify this in her Will by way of a specific legacy to you of the specified amount/amount equating to half of the outstanding mortgage amount as at the date of her death. This is my view, and hope it is helpful. Kind Regards Al
Hi, can I assist you any further? Kind Regards Al
Hi, I don't know to be honest, but I've never heard of anyone severing a joint tenancy for this reason. Normally, it is used so that the person can leave their half share of the property to someone other than the joint owner. You are best to speak to your wife. Kind Regards Al
Hi, apologies for delay- been assisting another customer. I really don't know why and I can't really comment as to whether or not the Solicitor is advising this but you will have seen what I said I my previous posts. Kind Regards Al
Hi, well I can't really say anymore than what I have already said- the property will pass to you keep it as a Joint tenancy. Kind Regards Al