Own a Property? - Make Sure Your Will is Up to Date
Posted on 14th July 2024 at 14:11
Buying a property for the first time is a massively exciting moment for anyone and it can be easy to overlook certain things amongst all that is involved. One of those could be the importance of your Will.
For many of us buying a home, alongside having children, is the first time we would consider having a Will written, and it is essential to make sure this is written correctly.
If owning a property with a partner as “tenants in common” then make sure you know what stake you hold in the property and how to protect yourself from a potentially messy situation with a Will. Those who own property as "tenants in common" can own unequal shares and can also specify in a Will who should receive their share should the worst happen.
Holding a property as "joint tenants" means that two or more people own it equally, but if one dies, their share falls to the surviving proprietor through right of survivorship.
If owning a property as "tenants in common", one of you may decide to leave your share of that property when you die to someone else, such as a sibling or child. This may mean your partner is forced to sell the property for the sibling or child to receive their inheritance, unless you make provisions to protect your partner in a Will. Furthermore, if you are leaving your share of a property into a Trust which is set out in your Will, it is important you hold that property as "tenants in common".
It is also important if you own a property solely, but have a partner living with you without being married, that you also consider how you can protect them for the future, as they have no legal rights of inheritance.
The mortgage market continues to change almost daily, and the past few days has seen a significant number of lenders reduce their mortgage rates. It was widely predicted that the base rate would be dropped in June, but the announcement of the general election put paid to that.
However, it has not stopped lenders from acting in anticipation and with the likelihood of a significant base rate drop at the next Bank of England meeting, it looks set for a positive end to the year for homeowners.
If you are unsure or require any assistance then please feel free to contact us by messaging, calling 01452 260 993 or emailing enquiries@rbwalters.co.uk and we can put you in touch with a qualified professional who can answer all your questions.
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