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Tenants in Common Agreement
melonpan
Posts: 21 Forumite
Hi
Was wondering if anyone has any experience of this? My boyfriend and I are buying a flat together and we want to set up a tenants in common agreement. I have told my solicitor that we want to do this and he has said that it's just a matter of ticking a box on some form. Is this right? I'm confused because I always thought it was a separate contract that is drawn up?
Was wondering if anyone has any experience of this? My boyfriend and I are buying a flat together and we want to set up a tenants in common agreement. I have told my solicitor that we want to do this and he has said that it's just a matter of ticking a box on some form. Is this right? I'm confused because I always thought it was a separate contract that is drawn up?
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Comments
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Hiya,
On the land registry form when we bought, it was a matter of the solicitor just putting down whether we were buying as tenants in common or joint tenants, so that might be what he means (ours did it wrong...).
I think if you want a separate agreement that sets out what happens in whatever eventuality then that is a separate deed of trust. Although if you are tenants in common I think you should be able to specify as standard what the equity split (if not 50:50) is... I am sure someone else will be along to clarify
Cheers
Katie0 -
This is correct as above. If you wish to have a formal agreement should you split up etc - then you will need to do this seperatly. And believe me after the last two years of trying to sell a property with an ex partner (just completed last week) - it is well advised. You just never know what can happen and how people react however well you know them....0
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Thanks for the info guys0
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Would the deed of trust need to be set up at the same time? Or would you be able to do that at a later date?0
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sooner the better. mine is 25/75. and we both have a copy in a safe place!0
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Is it still necessary if we are dividing everything 50/50??0
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no. if you do nothing, it will be 50/50 automatically0
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