Death With Mortgaged Property

[bond]

Hi, am I correct in thinking that if I die with a mortgaged property (single, no children) I can put in my will that the proceeds from the sale of the property (by the bank that I have the mortgage with) can be left with an individual. Eg say I have a property worth £250000 with a mortgage left to pay of say £80000, I can leave the equity, £170000 (less a lot of fees I guess) to someone if I declare it in my will? Is it that simple, or could there be complications? Thanks.

[Buenchico]

No problem.

I used to write wills for a living. Here's a (very, very, very!) rough draft of the relevant clause:
"I instruct my executors to sell my freehold house, situated at 23a Vincent Road, Potters Fidgett in the County of Surrey. My executors shall have full discretion as to the timing of such sale, as to the advertised price thereof and as to the sum accepted for the transfer of title thereof. I give the whole proceeds therefrom, less the amount required from my estate to pay any such amount as may be owed at the time of my death to any mortgagee in respect of such property (including any expenses incurred in fulfilling such settlements), to Arthur Frederick Smith of 19 The Larches, Treetown in the County of Norfolk"

[VHG]

Surely when you die the mortgage will be paid off with the mortgage protection policy.

[hc4361]

VHG - only if the house buyer chooses to pay in to such as scheme.

Pointless additional cost for a single person with no children.

[bond]

buenchico, thank you very much. hc4361 thank you too, I don't have protection policy, like you say what is the point if single with no children or dependants. And methyl yes I will allow for the early death of the beneficiary in the will too.