Single will, want to leave single owned house to Partner?

[theemmadilemma]

I need to get a will sorted.

I'm not married and my Partner and I live in my house.

There is equity, but still a mortgage.
No savings, just debts!

If I leave all my worldly possessions to him, what would happen about the house, would he inherit the equity and be able to take a mortgage of his own on the outstanding amount?

Would my debtors come after the equity for my debts?

Any advice appreciated.

Disclaimer, not a lawyer so check your facts on this properly (not on MN!) before making any financial decisions!

But as I understand it while you can certainly leave the property/your entire estate to your partner, any debts including mortgages must be settled out of the estate's assets which will include the equity in any property (unless the property is owned as joint tenants which changes things). Funeral costs and any legal fees, estate agents fees and any inheritance tax owing are also due from the estate before the remainder can be distributed to beneficiaries.

As to whether your partner could get a mortgage of his own to enable him to keep the house, that would depend on a number of factors, how much equity would be left/how much mortgage he would need, his income and age at the time of your death, you can work this out by looking at online mortgage calculators. If he can't get sufficient mortgage to cover what he'd need then I imagine the house would have to be sold...sorry.

Get a life insurance policy to cover the outstanding mortgage then he can inherit mortgage free.

As said best to take out life insurance so he inherits without the mortgage debt. If you die with the debt then currently he doesn't of course get a p enny as under intestacy laws you are not married www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/. If you do have a will then your place is sold to pay off the mortgage or he if he earns enough could apply for a new mortgage and take it over

Possible issues related to inheritance tax if not married