Property ownership – joint ownership or joint tenancy

fannyanna

Thanks Bluemeanie.

So would you do tenancy in common, with a will leaving your share to the children and your Husband having a life time interest in the property?

Bluemeanie_2

fannyanna wrote: »

Thanks Bluemeanie.

So would you do tenancy in common, with a will leaving your share to the children and your Husband having a life time interest in the property?

Yes, that is the way I would do it. I wouldn't risk it passing to a stranger (new wife) or her children getting it and my kids being left without anything.

Whatdo

Firstly take professional advice, but the system for tenants in common when one tenant in common dies ( do not forget that there may be unlimited tenants in common, six is not unheard of),

As a tenant in common you are all legal owners holding the property on trust for the beneficial owners according the the share ownership.

Supposing it is just the two of you, if one of you dies the other becomes the only legal owner, remember that your beneficial ownership remains intact for you to do with as you please according to your will. The beneficiaries of your will (after probate) have no legal title to the property only the share of proceeds according to your ownership share. Only an order of the court could force the remaining legal owner to sell, the children(if you like) would have to wait for the share of their inheritance.

If you and your husband are in agreement, and you seem as if you both are being highly realistic, I would say that tenants in common is the way to go.

As it is essentially a trust you can make the divisions as complex or as simple as you like.

localhero

Bluemeanie makes a sound point. By owning the property as joint tenants leaves too much to chance. Even if your husband did not remarry, assets may not end up where you would have wanted. Aside from the threat of remarriage, the combined estate would be vulnerable if you or your husband ended your days in a care home.

And so if I were you I would certainly be owning the property as tenants in common. Your Will could then leave your estate in trust for your husband's lifetime and then upon his death it would pass to your own children or family. His share could then be distributed in the way that he desires - among all of his children, or whatever.

This will provide certainty that each of your estates will end up where you both want it to whilst balancing the competing needs of the surviving spouse and your children/family.

A competent legal professional should be advising this - if they don't, make your excuses and leave. Many solicitors will quote an hourly rate if a trust is involved, so ask for a fixed fee quote before giving instruction so as to avoid any unpleasant surprises at the end.

dimbo61

Dont know if this would help with your needs but have you looked at OFFSET mortgages with YBS!
They do " friends and family" so you take out a mortgage and the Bank of Mum and Dad puts money into an offset account against YOUR mortgage!
this saves you paying interest each month But Mum and Dad have control of the account and money in the account.
You can also have savings accounts in your name or your husbands name, or both and again save interest each month