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LondonlawyerJ, Advocate
Category: Law
Satisfied Customers: 823
Experience:  Solicitor with over 15 years experience.
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I bought a a 2 bedroom maisonette flat with my brother in 2006

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I bought a a 2 bedroom maisonette flat with my brother in 2006 for £153,500 interest only mortgage. We recently had the flat valued by 3 different estate agents and it has been valued at £180-190,00. My brother lives in the flat with his now wife. They have recently had a baby. I would like them to buy but they both have seperate debt are not in a position to remortgage and buy me out. What can I do? My brother and I have a life insurance policy of the flat where in if he dies I get the flat and if I died he would get the flat. Is this now nul and void as he is married? Is the only way for me to get any money out of the flat would be to force the sale?

LondonlawyerJ :

Hello I am a solicitor with over 15 years experience. I will try to help you with this.

LondonlawyerJ :

This will depend. In some circumstances it is possible to change the beneficiary and he may have done that. What you describe doe snot sound alike a life insurance policy. A life insurance policy would normally pay out money on the insured person dying and pay that money to the beneficiary. Where people buy property jointly this is usually to ensure that the survivor can afford to pay the motgage. This type of policy may have clause making the identity of the beneficiary irrevocable. Do you have a copy of the policy document. Also do you know if you hold the property as tenants in common or as joint tenants? This should have been made clear at the time of the purchase.

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