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Hi Cladda, There’s a few different points to consider in your post, hopefully this will help.
Firstly, you mention that the house is in his name but a joint mortgage. It’s very unusual for a lender to give a mortgage to two people but leave only one name on the deeds, so this would be the first thing to clarify (with the solicitor that handled the conveyancing). If he owned the house originally and then a new mortgage was secured, it may be that both wereput on title at that stage. If that is the case, most likely the title is done in "joint tenancy". This would mean that if one of the owners passes away, their half of the house passes to the co-owner. This is treated as if you have been left half of the value of the house. However, as you are not married, you will be at the "strangers" threshold for capital acquisition tax, this means that anything above your threshold (currently €16,604) is liable for tax unless you satisfy 3 rules (I’ll keep that separate so as not to complicate too much). Of course, this all assumes that my point about both being on title is correct. If that was not the case, it would not automatically pass to you (this would depend on whether a will has been made or whether your parter is separated from a previous marriage etc.) Under the succession rights act of 1965, if someone dies intestate (without leaving a valid will) then their estate would go 2/3rd to spouse and 1/3 to children, or if no spouse, all to children. There is also implications on the benefits of the mortgage protection life policy, depending on who is deemed to pay the premiums.
Obviously, with so many factors affecting each other, I would need to clarify a few details with you. For confidentiality, if you PM me a contact number, I can give you a call, ask a few simple questions and tell you where you stand. Dave.
Thanks for reply Dave. Nearly sure my name is not on the deeds. He is Divorced with two other children and we have two. The reason i ask is thinking of getting married but to me it is only a piece of paper…but for legal reasons it would prob a good idea
The one difference that would make is the family home protection act would kick in giving you rights to tenancy but I would still recommend checking with the solicitor about title. If you think about it, a mortgage lender giving you a loan on a property that you may not have a right to? It would be extremely unusual. Best of luck with it.
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