McStuffins
Registered User
- Messages
- 38
Do both new spouses know the story with regard to the house and mortgage?
Not necessarily. Treatment on death of 1 party depends on whether the house is owned as joint tenants or tenants in common. This is something that should have been considered when they bought house as they weren't married.AFAIK - if you die, the mortgage protection will pay off the mortgage and your ex boyfriend will fully own the house.
If he dies the mortgage protection will pay o
1) We had a very bad breakup and don't speak but just get on with it with minimum communication
Nothing to do with bank really, this is something your solicitor would have dealt with.There must be a default normal one that banks put you as? What's preferable for the bank
I was never able to figure out if my own mortgage with my ex was joint tenants or tenants in common. It's not written on the mortgage approval letter or the Land registry deeds? There must be a default normal one that banks put you as? What's preferable for the bank?
Great explanationEssentially, the purchase of the property and the mortgage of the property are two separate transactions.
The mortgage documentation won't distinguish how the property is held - so long as it's in both names.
You can obtain a copy of all the paperwork from the Land Registry for the transaction - its called the Dealing or Instrument.
If there is no reference on the folio to joint tenancy or tenants in common, it will, more than likely, be held as joint tenants- if it was a tenants in common, there would be a reference on the folio to the shares held by each owner.
If the title is unregistered ( as in, there is no folio just a deed into the two names) - then there will, you'd hope, be a part of the deed referencing how the property was to be held.
mf
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