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Clare
Clare, Solicitor
Category: UK Property Law
Satisfied Customers: 27794
Experience:  25 years exeperience
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My partner has an interest only mortgage and is terminally

Resolved Question:

My partner has an interest only mortgage and is terminally ill could I continue to live in the house if I take over the mortgage payments
Submitted: 9 months ago.
Category: UK Property Law
Expert:  Clare replied 9 months ago.
Hi
Thank you for your question.
My name is XXXXX XXXXX I will do my best to help you but I need some further information first.
Who actually owns the property?
Clare
Customer: replied 9 months ago.
The property is in his name only.
Expert:  Clare replied 9 months ago.
Hi
Has he made a Will leaving the property to you?
How much is the property worth and how much is outstanding on the mortgage?
Clare
Customer: replied 9 months ago.
No will yet he was only diagnosed on Thursday . The property is worth around 350,000 and outstanding interest only mortgage of 120/ 130,000 with about 8 years left on mortgage
Expert:  Clare replied 9 months ago.
Hi
What income do you have?
Clare
Customer: replied 9 months ago.
I have savings / investments of around 100,000 but I do not work. I could pay off around 50,000 if this could help towards me being allowed to take over mortgage
Expert:  Clare replied 9 months ago.
Hi
Are there any children involved and is your partner still well enough to be actively involved in planning?
Clare
Customer: replied 9 months ago.
Yes he has a son 34 who lives with us. My partner is still well enough to be involved in planning. We are trying to work out how we can secure the property for both of us so we still have somewhere to live.
Expert:  Clare replied 9 months ago.
Hi
Is he planning to leave the property to both you and his son?
Clare
Customer: replied 9 months ago.
Yes he is.
Expert:  Clare replied 9 months ago.
Hi
Does his son have any mortgage capacity?
Clare
Customer: replied 9 months ago.
No his son has bipolar , he is on benefits and receives DLA.
Expert:  Clare replied 9 months ago.
Hi
Does your partner have any other assets?
Clare
Customer: replied 9 months ago.
Yes he has another property that is also on an interest only mortgage, he has a sailing yacht worth about 60,000. His intention was to sell the other property then pay off the house we live in. He also wants to sell the yacht. The problem is we don't know how long it will take to sell the other property and if he has time left to oversee the sale and pay off this mortgage.
Expert:  Clare replied 9 months ago.
Hi
Thank you for that.
One option is for your partner to in fact apply to the mortgage company to add you and his son to the mortgage and thus to the property
This will mean that the mortgage will indeed continue after his death.
If this does not happen then I am afraid that the mortgage will have to be paid off from his estate HOWEVER so long as the mortgage is paid you will be given plenty of time to raise the money to do so - certainly enough time to complete the sale of the other property.
However it is essential that he makes his Will as soon as possible
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 9 months ago.
Will the process of us being added to the mortgage be straight forward as I have heard that they can make you make a new mortgage application. The fact his son is on benefits and I although have savings don't work they might refuse
Expert:  Clare replied 9 months ago.
Hi
Until he asks he will not know.
The loan to value ratio is relatively small and it is possible that this will be sufficient to allow the Transfer into joint names
Clare
Clare, Solicitor
Category: UK Property Law
Satisfied Customers: 27794
Experience: 25 years exeperience
Clare and 2 other UK Property Law Specialists are ready to help you

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