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Buying a property with a partner and inheritance advice wanted.

(8 Posts)
CEvert Mon 11-Feb-13 10:15:34

I wonder if someone can give me some advice?

I am not married but I am planning to buy a house with my partner.
I will be contributing 65% and him 35% to the cost of the property and paying outright by cash.
We are not planning to have children.

I am very close to my sisters and I would like to pass some inheritance to them should I pass away (it will be the x% monetary value of the house when it is sold as it’s my main asset).
I was thinking of buying the property as tenants in common and putting my estate in trust and give my partner life interest should I die before him.
But what if he downsizes or upgrades or remarries, how can I make sure what I have put in trust will go towards my sisters and that the amount financially will not diminish due to his actions?
If he downsizes, his 35% share will not get him a property.
Should he also have something too in writing to specify he is only entitled to have a say only in his share?

Much appreciated for your help.

mumblechum1 Mon 11-Feb-13 13:34:52

Hi, I normally write in a portability clause to this type of life interest, so that if your partnr wishes to downsize, he can do so (your trustees join with him in signing the conveyancing docs and the new property will continue to be registered in the joint names of your trustees and your partner). You need to specify in your will what happens to any excess if he buys a significantly cheaper property.

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JuliaScurr Mon 11-Feb-13 13:41:00

digerd Mon 11-Feb-13 13:52:26

If the house will be in joint names, I think that means he owns half.
There is a similar Thread, with others contributions, but is to safeguard her child's inheritance from a remarriage.

digerd Mon 11-Feb-13 13:55:08

Mumblechum is the legal expert and see she has already replied to you.

CEvert Mon 11-Feb-13 14:10:27

What if you buy as tenants in common and then marry?
Would marrying override all previous wills and trust agreements or would the original "tenants in common" agreement still hold?
Would the asset be automatically transferred to the other half upon my death and he can do as he pleases?

Even after marrying, I would still some of my assets (namely part of the house) to go to my sisters.

mumblechum1 Mon 11-Feb-13 14:20:00

Normally marriage automatically revokes an existing will. To get around that problem, if there's a chance that you will marry your partner, your will should state that it will not be revoked upon marriage to that named person, but also that it will still stand even if you don't marry.

mumblechum1 Sat 16-Feb-13 16:48:43

Sorry, should also have explained that if you hold the property as tenants in common, then so long as you have a will in place disposing of your share of the property, marriage doesn't mean that you then hold the property as joint tenants.

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