Property Joint Ownership questions...
Discussion
I expect I'll be getting some paid-for legal advice on this, but forewarned is forearmed so to speak, and to ensure I ask the right questions!
Our home is mortgaged and owned 50:50 with my partner, as Tenants in Common. I want to pay off "my half" of the mortgage, and ensure that should things go wrong that my capital is protected (as I'll need it to retire one day!). Additionally, my partners children live with us and should the worst happen and she (or both of us) meet an untimely end then I also need to consider that "her half" of the property would pass to her children but be controlled by their dad (who is useless with money).
In order to protect everyone involved, what do I need... a Declaration of Trust obviously, but what happens if she were to die (not planning on it!), the kids get her half, but would the mortgage company chase me for the mortgage debt (as I suspect it would still be a joint mortgage as it's a jointly owned property). Would this scenario normally be addressed in a Will?
Our home is mortgaged and owned 50:50 with my partner, as Tenants in Common. I want to pay off "my half" of the mortgage, and ensure that should things go wrong that my capital is protected (as I'll need it to retire one day!). Additionally, my partners children live with us and should the worst happen and she (or both of us) meet an untimely end then I also need to consider that "her half" of the property would pass to her children but be controlled by their dad (who is useless with money).
In order to protect everyone involved, what do I need... a Declaration of Trust obviously, but what happens if she were to die (not planning on it!), the kids get her half, but would the mortgage company chase me for the mortgage debt (as I suspect it would still be a joint mortgage as it's a jointly owned property). Would this scenario normally be addressed in a Will?
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