Tenants in common/joint tenants?

woodtop

Looking for some advice please,I am thinking of buying a house with my new partner,I have quite a sum of money to put down has my half towards a house and my partner is getting a mortgage for his half share.
Not sure how to do this on the deeds, Tenants in common or joint tenants?
I wish to leave my share to my 3 grown up children on my death and my partner has one grown up child.

Have been told that joint tennants is the way to go but I am not sure about this?
we are not thinking of getting married yet but things could change in the future.
I would want to protect my half share of the deposit if the worse did happen.

CLAPTON

joint tenants means that on the first death the property becomes the property of the second person so you can't leave half to your children

tenants in common mean you can leave your share to however you like although there are some restrictions

goldbyron

TIC would be the way forward. Myself and my partner are to be TIC (we are completing this Thursday) on our new home as she is putting in quite a substantial increased amount of equity in comparision to me. We will also get a contract drawn up after the move to state the specifics and a will to make it clear that the home would be left to each other on our deaths. TIC would certainly be the right option for you.

bongo_man_2

Tenants in Common is the way to go, you can specify who owns what percentage of the property and on your death you can specify who will inheriate your share it won't automatically pass to the second tenant.

BitterAndTwisted

You need to plan for two completely different worst-case scenarios:

What happens if one of you dies

What happens if you do not marry, your relationship breaks down and you want to protect the equity you have contributed.

Joint-tenants/tenants in common will not resolve the equity imbalance. You'll need a Deed of Trust drawn up

woodtop

Thankyou for your replys,so I think TIC is the choice for me,do I need to ask for a deed of trust to be included?
Will I also receive any equity the house may receive in years to come with the TIC.

BitterAndTwisted

You'll need a solicitor to draw up a deed of trust and the issue of any possible increase in equity over the years should be dealt with in the same document You could agree that your initial investment could be valued as a percentage of the total purchase-price and any increase could be split 50/50. That could also depend on whether both of you will be making the mortgage-payments equally or just one of you.