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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I have a joint tenancy with a partner, and am happy for the

Customer Question

I have a joint tenancy with a partner, and am happy for the property if I die to pass to the other joint tenant.
However, in 2006/2007. I bought 6 over-priced properties (whose rental income covers the mortgages). One mortgage is repayable Apr 2022, & the other 5 in 2027, which I would not be able to re-pay from the re-sale values, and result in bankruptcy. Would the creditors be able to prevent the home property passing to the joint tenant?
Chris
Submitted: 2 years ago.
Category: Property Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
What is the timescale you envisage?
Clare
Customer: replied 2 years ago.

Hi

By timescale, do you mean how long do I expect to live? I am 77 years of age, but am very healthy with no medical problems, but I suppose there is alwys the possibility of an accident.

Chris

Expert:  Clare replied 2 years ago.
Hi
So it is unlikely that the issue of the repayment of the mortgages will arise prior to your death?
Clare
Customer: replied 2 years ago.

Hi,

It is unlikely.

Chris

Expert:  Clare replied 2 years ago.
Hi
Then there is no problem as the property will pass to your partner automatically and there is no action that anyone can take to stop that no matter what the position of the other properties.
I hope that this is of assistance - please ask if you need further details
Clare
Clare and other Property Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you for your answer to the original question.

What would apply if I did die earlier, leaving a bankrupt estate? Would the property pass to my partner automatically as in the above scenario?

Chris

Expert:  Clare replied 2 years ago.
Hi
Yes it would
Clare