Tenants in Common - Idiot's Guide needed

LillyJ

We are tenants in common, and specified 50% each (as we contributed equally to deposit and payments). It was very easy, we just ticked the form that the solicitor sent us.
We each have a will stating the other gets our half of the house on our death.
Just remember to make a new will when you marry, or the will is invalid. As we have just got engaged, we are planning to keep as TIC with the will terms the same, but we will have to update the will anyway as marriage invalidates wills.

petroldave

petroldave wrote: »

Please can you explain what I have to do to change from T in C to Joint T.

Does nobody want to tell me?

poppysarah

petroldave wrote: »

Does nobody want to tell me?

You're probably got to agree and then see a solicitor. Ring a few for quotes.

GUNNERGIRL_2

Hi,

I can see there have been problems previously regarding tennants in common/joint tennants etc, and who inherits what if one partner should pass away.
I have a slightly diffrent circumstance which i hope someone can explain to me.
I am in the process of selling my marital home after a divorce, and with my share will be buying another property. It will be mortgage free, but with a small loan of £5000.
I have lived with my partner for 4 years, and he will not be contributing to the loan, or putting any money into the property. He will only be paying towards food and utility bills.
If I should pass away before he does I do not want any part of the property to go to him or his children (we do not have children together). I want all of it to go to both my children. I shall be having a will made once the sale goes through. Can I be rest assured that both my children will be getting all of their rightful inheritence, or will my partner be able to make a claim?
If we do split up, I also do not want to have to give him part share in my home either.
I hope someone can possibly offer advice and guidance.
Thank you for your time.
Gunnergirl

NEEDTOKNOW_2

Hi my partner and myself bought a house last year as tennants in common with equal shares. We have totally renovated the house since then and both put in lots of money although I have put in more. If we were to split now and the house be sold would i be able to claim more than 50% share ? thanks

theartfullodger

HMRC have a glossary of relevant terms which is quite useful - at
http://www.hmrc.gov.uk/cto/glossary.htm
and for this it states

Tenants in common

Joint ownership of property where each joint tenant owns a separate share in the property. On the death of one of the joint owners, their share passes to their beneficiaries by their will or intestacy. There is more on joint property in Passing on your home to your children.

Cheers!

Lodger

gemstars

Just as Richard says!

I've just bought as T in C (hopefully getting keys on Wed) I'm paying the deposit (£12,000) on an £80,000 property (£68,000 mortgage) my partner and I will be halving the monthly mortgage payments.

You will need to set up a will stating your part of the property should go to your OH upon your death and they should do the same, otherwise your share will pass to your next of kin.

You can have anything you like in a deed of trust, even down to who will take the bins out! However, these are time consuming and expensive to set up. As an alternative my solicitor advised me to write to my OH setting out how the peoperty is owned, he signs to agree then writes back to me confirming this and I sign to agree. Although this is not legally binding it would be looked on favourably by the courts is if ever came to that.

As far as the ownership split our solicitor has noted that the equity in the property is to be shared equally by me and OH, only after the first £12,000 has been paid to me and our letters to each other state the same.

We decided not to worry about any potential profit/loss this £12,000 may or may not incur in order to simplfy things.

Hope this helps!

NEEDTOKNOW_2

Thanks for your reply, it is helpful. What I really need to know is whether or not i can claim more the 50% share in the house if things go wrong(which is looking likely)! I have put more money into the house although I will struggle to show this as a lot of it has been cash payments to builders. Does the tic agreement stand no matter what or can it be contested?

Fire_Fox

NEEDTOKNOW wrote: »

Thanks for your reply, it is helpful. What I really need to know is whether or not i can claim more the 50% share in the house if things go wrong(which is looking likely)! I have put more money into the house although I will struggle to show this as a lot of it has been cash payments to builders. Does the tic agreement stand no matter what or can it be contested?

You would need to be able to prove you had contributed more. If your partner agreed with that assertion it might be straightforward, otherwise you might need statements from the builders backed up with bank statements showing cash withdrawals for the amounts.

Keels

My mother recently passed away. She and her partner have a house under the agreement "tenants in common" and in her Will, has left her share to myself and my sister. He has two mortgages on his share, and although our solicitor has obtained probate, I have been told that is not able to put our names on the deeds without his consent, and that he is able to transfer my mother's share to his new partner, and is not obliged to transfer to us, her inheritors. What can be done to ensure that my mothers wishes are respected? Thank you for your advice.