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Joint ownership or 50/50
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 7,175 Forumite
Me and my sister have inherited a house through probate which is mortgage free. We plan to keep it for the foreseeable future. It is not in our names yet but the solicitors are waiting for us to instruct them to register it in our names with land registry.
Just wondering what is the best way to do it. Joint ownership or both down as owning 50% each?
I haven't spoke to the solicitors yet so don't know their advice.
Just wondering what is the best way to do it. Joint ownership or both down as owning 50% each?
I haven't spoke to the solicitors yet so don't know their advice.
0
Comments
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I think you mean tenants in common or joints tenants.
TiC means you and you sister can own between 1 and 50% however the percentage is not recorded with the LR so you need to make a will or deed of trust.
JT means you both own 50/50 and cannot will your share to anyone else.
ie.... when one dies the other gets the house.0 -
No. Beneficial joint tenancy does NOT mean 50/50. It means- in effect- that the joint owners form one composite person; there are no 'shares'. When one of them dies, the survivor takes it all. But, yes- neither can pass a share to anyone else (because there aren't any); to pass a 'share' entails severance [= changing BJT into BTIC]0
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http://tenants-in-common.co.uk/tenants_in_common_information.asp
http://www.landregistry.gov.uk/public/guides/public-guide-18
Be sure to make a formal agreement as to what will happen if one wants to sell.0
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