Legal Property Owner

[fruitsalad]

If a person buys a property, and signs paperwork, to say if something should happen to said person, the property goes to the children, then a couple of years later, gets married, does the signed paperwork still stand, or as the new wife, then, becomes next of kin, who legally, would the property pass onto.

[bednobs]

when you say "if something should happen to said person" do you mean if they die, or something else?

[DDIL]

It depends, a will does not stand if the person remarries in England and Wales, unless the will specifically refers to the intended marriage. When someone remarries, their existing will is automatically revoked. If they do not make a new will, they are considered to have died intestate, and the rules of intestacy will apply. This means that the law will decide who inherits the deceased's assets and estate

[fruitsalad]

Yes bed, I meant die 

[bednobs]

it's unclear to me what you mean by "signed paperwork" too fs, do you mean a will?

[fruitsalad]

No it wasn't a will, it was something he had to sign when he took out the mortgage, saying the property would go to his 2 children, once paid for of course.

[New Judge]

Generally, the only "signed paperwork" that will determine how assets are distributed following "something happening" to the owner (assuming that something is their death) is a signed and witnessed will.

As above, a will is automatically revoked upon re-marriage and if no new will is made, the law of intestacy applies. Very broadly, this says that if the estate is worth £322,000 or less, the new spouse inherits everything. If its value is more than that, the new spouse gets £322,000 and the remainder is split, with half going to the spouse and the other half being divided equally between the children. 

The estate includes the value of any property and if the estate is to be distributed between a number of people, it may have to be sold to realise is value.

[New Judge]

"No it wasn't a will, it was something he had to sign when he took out the mortgage, saying the property would go to his 2 children, once paid for of course."

I've not heard of  that and I cannot imagine anything like it can override the provisions of a will or the law of intestacy. I know that some lenders will allow children to take over a mortgage upon their parents' death (provided they qualify) but that is different to what you are saying.

You need an expert like Buenchico or Barmaid to help.

[DDIL]

I remember having to sign something when I was 18 (1989) and my parents took out a mortgage stating I had no claim to the property unless it was in event of a death and stated in the will.

I assumed it was because I was of age and had to state I was not paying the mortgage.

[barry1010]

I can't imagine why a mortgage company would care about what the lenders do after the mortgage is paid off. The company then has no legal interest in it.

It is not unusual for adult children living in the property to sign their parents' mortgage application to state they will not claim a beneficial interest in the property whilst the mortgage is in place.

This is to minimise complications should the lender need to repossess