Oustanding Mortgage when parent dies ?

Do you know what would happen to an outstanding mortgage when my Mum dies. The house is in joint names, her and her partner. She put ВЈ90k down and her partner currently pays the other ВЈ90k mortgage, He is left nothing in her will and my brother and I will share half each. If we decide to keep the house for a while and her partner is in agreement, I assume my brother and I own half each of her half but who is liable for the mortgage ? Very confused.

Having been a mortgage broker previously I would say some of the answers you have here are good .... your mother should discuss with her partner what will happen in the event of either of their death ... ie would she and s/he consider taking out an insurance policy payable on death of either of them to cover the outstanding mortgage - if her partner dies their ВЈ90k mortgage is still outstanding - how will she pay it? and even if she were able to pay it how will she compensate any family on her partner's side - which by the way you don't say if s/he have any children of their own - how do you know s/he wouldn't want to leave their half of either the property or the value of it to their children if they died first? what position does that leave your mother in? ..... in terms of financial and or living arrangements? ....what if whomever on your mother's partner's side want to be bought out or insist on the house being sold - can your mother afford this? ..... if as you actually question your mother dies first - will you and your brother move in with her partner while s/he continues to pay the mortgage? .... will s/he want (or be forced by you two) to consider buying you two out of your half share in the house (assuming you all accept that 'half' to still be ВЈ90k)? .... will you two consider buying him/her out of their half share of the house? .... should the house be sold instead and the proceeds divided in half - half to him/her and the other half between you and your brother? .... if you have no clear answers to these questions then you should, all of you - you, your brother, your mother and her partner sit down together to discuss this matter completely and fully ..... once you are all agreed then you should visit a solicitor and get this agreement drawn up and notified to the mortgage company (as well as added as a Codicil to the Will - which there should definitely be one) .... if you don't then all sorts of problems could occur .... not least because you, your brother and your mother's partner - or your mother and whomever on you mother's partners side - can't live together! .....the complications can get worse and worse unless they are sorted out now while you've all got clear heads and are thinking practically instead of emotionally ....
Additionally it's not just the 'cost' of the house - the ВЈ90k put down and the ВЈ90k mortgage - it's also the costs of additions and improvements .... remember this property is THEIR HOME .....
As for thinking out these matters now .... I congratulate you on some straightforward forward thinking .... deaths and funerals bring out the worst in everyone - not least the nearest and dearest ..... many people don't show their true colours until an event actually happens..... your know what they say: 'where there's a will - there's a way ..... or a relative'!
Good luck to you.

Christ she isn't dead yet

Put simply, it depends on the way in which you mum and partner hold the house - they may hold the freehold in its entirety between them; in this case, upon the death of one parter, the other partner will inherit the whole, whatever the will says. If however it specifies eg that each holds 50% or such % according to what they put in, then they have 'severed the joint tenancy.' This means that on the death of one there is no 'right of survivorship' in favour of the surviving partner. The kids will inherit, according to the provisions of the will. In the case of the mortgage this will have to be discharged from the sale of the deceased party's estate and whatever is left over, you will inherit. The mortgage is a right held by the bank over the property.

In your case, let us say the house is worth ВЈ200k. Let us say also that your mother and her bloke intended to each hold 50%. Their interest is ВЈ100k each. Both have a ВЈ90k mortgage on their half. This leaves equity of ВЈ10k. Remember that on the death of your mother, you will be liable for funeral costs and such other costs of the estate - bills etc (solicitors' fees for god knows what). You and your brother will inherit half of whatever is left of your mother's share of the house (in this case ten grand less all the costs - leaving probably about ВЈ2,500 each). Your mum's bloke will do what he wants with his half.

You will have to buy him out if you want the house as it is not all your mother's to bequeath.

My advice is see a solicitor about that, inheritance can be a legal minefield.

i wud like to kno to, but y think of der death y not live life now, or better still ask ur parents!!

You will change the title to show all of the new owners when the estate is settled. Otherwise, you don't own the house.

The mortgage company will get wind of this and force you to refinance. They won't let you change ownership of the house without changing the mortgage.

All of the new owners will be on the new mortgage.

All people on the mortgage are equally responsible for paying the mortgage.

if he has life insurance then the insurance will pay his half, if not then ure responsible

i think you and your brother would then be responsible for the outstanding mortgage.

In most states of the U. S. it is whoever's name is on the Mortgage would be liable. But when you inherit it your names will be put on the title, so if her partner quit paying then the Mortgage company will go after you to make the payments.

If her partner's name is on the title he owns half of it, and you two will only get a quarter--half each of her half--not half of whole.

But you sound like you are in England so not sure about the laws over there.

It should still be her partner, as she put the $90,000 down--his obligation is for the other $90,000 in mortgage payments.

If he automatically inherits the house because he lives there--and is the person paying the mortgage payments--you can probably sell your mom's half to him--or take him to court because of your mom's will.

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