Property Law Question & Answer Session.

I want to make sure my second wife can live in our house but want to make sure my children inherit it when she dies.  How do I do this?

A  Property Trust Will can be drawn up which would give your wife the right to live there as long as she wishes (and even move to another house under the same trust).  However on her death (or possibly even if she leaves to go into long term care) your share in the house would automatically go to your children.

My ex-partner and I bought a house together 15 years ago together.  He moved out 10 years ago and I have paid the entire mortgage.  Is it right that he will get half the proceeds when we sell it?

Until recently I would have said yes.  But there has been a recent case where the ex-partner was only awarded a smaller amount in similar circumstances.  It is always going to be better when you first buy a house together to agree ahead what the position is and do a declaration of trust.  You should always try to make sure at the beginning that you decide how to deal with the house in the event of a separation and ask your solicitor to draw up the documents.  Anyone who already owns a house with a partner you are not married to without the proper paperwork should see a solicitor as soon as possible.

My friends have changed their way they own their house to tenancy in common.  They used to own it jointly.  Why might they have done this?

Most married couples own their house jointly, so that it passes automatically to the survivor on the first death.  Often cohabiting couples are advised to own their property as tenants in common, as it is assumed that they may wish to leave their share in the house to their next of kin and not their partner.  It may be that your friends are writing new wills which incorporate trusts – it is often better to be able to allow a half share in a property to pass into a will trust, and to do that they would need to change to tenancy in common.

If you have query concerning property law contact Rosalind Watchorn Solicitors today to discuss your situation. The first CQS accredited solicitors firm in Sheffield, we specialise in conveyancing; wills and probate; tax planning and elderly advice.  

Phone Barbara or Stewart for a conveyancing quote on 0114 2290160.