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Tenants in common versus joint tenants...a few queries
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Tunstallstoven
Posts: 1,045 Forumite
Hi,
I was wondering if anyone can confirm/refute the following!
a) if you are joint tenants you can not have a declaration of trust and everything (if to split up) would be unavoidably split 50/50.
b) if you are tenants in common with unequal shares ( and these unequal shares are clearly registered with the land registry) you would still need a declaration of trust to protect this if splitting up.
c) if you were tenants in common and split up, after the mortgage had been repaid, if there was any equity left in the property this would be split accordingly to the declaration of trust percentages.
d) if we both agree, we will be able to change from tenants in common to joint tenants in the future when contributions to the house are equalised.
Any help would be gratefully received!
I was wondering if anyone can confirm/refute the following!
a) if you are joint tenants you can not have a declaration of trust and everything (if to split up) would be unavoidably split 50/50.
b) if you are tenants in common with unequal shares ( and these unequal shares are clearly registered with the land registry) you would still need a declaration of trust to protect this if splitting up.
c) if you were tenants in common and split up, after the mortgage had been repaid, if there was any equity left in the property this would be split accordingly to the declaration of trust percentages.
d) if we both agree, we will be able to change from tenants in common to joint tenants in the future when contributions to the house are equalised.
Any help would be gratefully received!
0
Comments
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Hi there,
I'm no expert but after reading your thread, the below link maybe helpful.
(sorry, wouldn't let me post a link)
If you look at the nationaldebtline website, there's a "debt advice" tab at the top. click on this.
If you scroll down to "section 2 - Factsheets" and click on the option "what to do about debt when someone dies"
It has a bit of info and facts about tennants in common & joint tenants.
hope this helps?0
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