House with a tenant in, implications in a will

[CW1]

Hi,
Need to get a will sorted but wondering - I've another house that's had the same tenant in for the last 5 years (who has said he'd like 1st refusal if I ever sold it, but that's by the by). It's got an 80% buy to let mortgage on it but at the moment (with interest rates so low) the rent more than covers the mortgage payment so there is a small "income". Would whoever I left the house to in a will have to sell it, or would they have the option of taking over the mortgage and having any "income" ?
Thanks

[buildersmate]

You need professional help with preparing the will.
You cannot simply leave the house asset to someone in a will without taking your liabilities (the mortgage) into account. No, the mortgage cannot be transferred - on your death, your liabilities need to be settled, then anything else divided between whoever you choose to leave your money / assets to.

[bushbaby_de]

In simple terms, if the house is mortgages, it isn't yours to leave in a will to anyone unless you have enough money in your estate to pay off the mortgage!

[Dris]

Have you an Insurance Policy which covers the outstanding Mortgage upon your death?

[CW1]

Dris (only just seen your reply),
On the buy to let ? No, don't think so, but then the mortgage is interest only so is paid when I sell the the house. Or, I suppose, when I die.
The house I live in I guess is covered by the endowment although part of the mortgage is interest only.

[bushbaby_de]

CW1, I think you really need to see someone about your will and insurance policies because it sounds like you really don't know what would be covered and what wouldn't be.

[snorkerz]

Your beneficiary could not take over your mortgage - but with a long term tenant thay should be able to raise a mortgage to clear off your mortgage. Of course, if you have life cover, the mortgage may be cleared anyway