Does a house have to belong solely to the occupant to leave it to someone in a will? Can a house be willed to someone if there is still a mortgage, does anyone know? Or is this a daft question?
Anyone can will their house if they are the sole owner but someone can only will half a house if it is jointly owned. Sometimes a person will do this if their partner is in care and they do not want all of the proceeds of sale to go to the local authority. Does that make sense? The family can then benefit fiancially from half the house.
You can will a house with a mortgage but you would have to pay off the mortgage before using any of the proceeds of sale.
We've had several legal and financial questions arising over the last few days. The answers have been very interesting and really comprehensive. There is just SO much information to take on board about whom to see, where to apply, to which body one applies initially, etc.
I still feel that a quick chat with a Solicitor or Citizens Advice is the best course of action in the first instance. Although legally similar in content, every situation is different and there may be ways around personal circumstances - with a bit of luck.
Thanks Sally, so basically the person would have to take over the mortgage if they could manage it or sell the house and clear the mortgage?
I wonder what happens if someone dies without making a will and the house has a mortgage, would the mortgage company take the house and put whomever is still living in it out?
Sorry to ask so many questions but it's so difficult to make appointments to get out and discuss these things especially with panic attacks and agoraphobia. You are obviously very clued up. Hope you don't mind me picking your brains.
there are many ways of drawing up a will.
Trust funds and other advantages can be incorporated in them.
The society has a list of solicitors specialising in these matters.
I would advice you to telephone for their advice.
You'll get a 30 day trail for free so you can check out on other legal advice during that time.
It really is quite shocking how the legal system makes decissions if you have not made a will! Norman is right that you need advice, as making a will in any 'unusual' circumstances really needs professional scrutiny. Most solicitors charge on a time basis so the more prepared you are, the less money you'll have to hand over.
I am not sure what would happen if a house had a mortgage outstanding, the owner dies and there is a tennant remaining in the property but I do know that some mortgages are set up so that if the mortgage payer dies before it is paid up, it is just autmatically paid by an insurance company and can then be inherited by the next of kin/s. This will have been written into the mortgage agreement from the outset so you could possibly check those details.
Alternatively contact a mortgage advisor and ask them what would happen under these circumstances. Let us know if you find anything out!!