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Tenants in common and other options
Lil_Choc
Posts: 16 Forumite
Hi,
I am an only child living with a single parent. We are looking into becoming tenants in common in our home but most of the info I can find is for couples with children not people in our situation.
Woould TiC be the best option for us or are there other possibilities? And what are the implications for us?
Thanks
I am an only child living with a single parent. We are looking into becoming tenants in common in our home but most of the info I can find is for couples with children not people in our situation.
Woould TiC be the best option for us or are there other possibilities? And what are the implications for us?
Thanks
0
Comments
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The other option is Joint Tenancy, there's some information here which might help (it even includes a parent-child example)
http://www.ehow.com/about_4691191_joint-tenancy-vs_-tenants-common.html
If you're looking to become Tenants in Common: What percentage share will you have? And who will inherit your share / your parent's share if either of you were to die?You were only killing time and it'll kill you right back0 -
Who do you want to receive your share if you die?
You both need to answer that question.
If it's each other, go joint tenancy. If it's someone else, tenants in common is your route.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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