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I will try to keep this simple, Interest only mortgage in my sole name 2008, B.R 2012,
Declaration of trust with ex partner 2009, he moved into property and started paying mortgage as per the D.O.T. the beneficial interest is his and I walked away.
The mortgage will end when I am 82 and will not be able to pay this I understand the bank will take the property back.
My question is what will happen if I die before the end of the mortgage? My estate will be less than £20,000 and has my ex left me in debt to over £200,000 hence the B.R
I hope the bank would take the property, but if whatever is left in estate is taken and the fact my ex has beneficial interest would mean he would get the surplus money after loan repaid, which in effect means he gets whatever I have left.
I hope this makes some sense to someone, Its been an awful 10years and would like some peace.
Thank you
Declaration of trust with ex partner 2009, he moved into property and started paying mortgage as per the D.O.T. the beneficial interest is his and I walked away.
The mortgage will end when I am 82 and will not be able to pay this I understand the bank will take the property back.
My question is what will happen if I die before the end of the mortgage? My estate will be less than £20,000 and has my ex left me in debt to over £200,000 hence the B.R
I hope the bank would take the property, but if whatever is left in estate is taken and the fact my ex has beneficial interest would mean he would get the surplus money after loan repaid, which in effect means he gets whatever I have left.
I hope this makes some sense to someone, Its been an awful 10years and would like some peace.
Thank you
