Will in partner name, bought house jointly with him – How to move forward ?

POSTED BY sboloor ON February 12, 2014 9:23 pm COMMENTS (5)

Me and my friend brought a flat in mumbai with 80/20 share & the allotment letter is issued in my name for the same,we went to builder before registering the property asking him to isssue allotment letter stating NAMES OF BOTH but he refused to issue the same without making additional payment.So we ruled out this option.

Now I decided to register the property in my name & wanted to make WILL in my partner’s name to which my partner has no objection,is it valid as per Indian law & allowed? What is the effect of WILL after me ? The property will go to him or my family members can claim even after making WILL in my partners name

Kindly share your views in this regard

5 replies on this article “Will in partner name, bought house jointly with him – How to move forward ?”

  1. sboloor says:

    Hi Anshal
    Thnx for ur valuable time & advice,Loan is not taken for the property purchased all payment made by check n self funded

  2. ashalanshu says:

    Dear Sboloor, in case of WILL, it ‘ll override any nomination or family member’s natural claim. I’m not sure why the so called advocate told you the opposite. Please do note WILL is prepared to distribute our property in our absence as per our choice. Any succession act can not override a WILL unless it’s proved that WILL is fake. So in your case, you should register the WILL.

    You mean to say, the loan is yet to be taken or no planning at all for bank loan?

    Thanks

    Ashal

  3. ashalanshu says:

    Dear Sbolor, there is more to it, once the property is in your name and possession, with the permission of your bank, you can add your partner’s name in the property papers by adding his/her name at property registrar’s office.

    Thanks

    Ashal

    1. sboloor says:

      Dear Ashal,
      Appreciate ur advice,
      1) I consulted lawyer in Mum long back he said even “WILL” is there first right is for d family members,I am confused!!??
      2)There is no loan taken for the property,how bank will come in picture?

  4. ashalanshu says:

    Dear Sboloor, once the WILL is there, your family member can not stake claim on the said property.

    Thanks

    Ashal

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