Tenants in common

joe134

joe134 wrote: »

thanks noh, very interesting. I, myself, intend , changing to tennants in common, for iht purposes, but, my daughter, had no reason to do so, her partner did, he had an ulterior motive, to use the home as a milch cow, and leave daughter holding the baby, debts;
It has it,s uses, but, it has it,s downside;He,s older than her, and it was her house to start with, but that all changed, love is blind;

update;
hi guys, does anyone know if a land registry search shows if there are charges on a house through bad debt, for the £4 fee?
I paid them off and got them removed, but my daughters oh says he paid a solicitor £130 to find out if they were removed, as we never told him,as they are my daughters debts;
How would a solicitor know? if not by credit search of my daughter, (illegal) without her consent;
what other way could he find out ?

anon_y_mouse

Mojisola wrote: »

It's also a benefit if either or both of the couple have children with someone else. They can ensure that their children will eventually get an inheritance. Otherwise, as YesWillMan says, the property could eventually be left (either through a will or through the intestacy rules) to the other parent's genetic children.

this is exactly why we have recently severed our joint tenancy to become tenants in common, however, we have an unequal share in the property as my parents gave /lent me some 'early inheritance' to use as a deposit. What we dont know is how to log this-there is no place to put the % of our tenancy on the land reg. form, or on our severance forms...does anyone have any idea? we want to get it down, in writing now to ensure any possible future 'disagreements' are as fair as poss!

thanks in advance.

Savvy_Sue

Deed of trust drawn up by a solicitor?

Lindagreenacre

Errata wrote: »

oap wrote: »

Hi, a friend of mine has been advised to put her and her husband's house in Tenants in common, rather than joint names, this has been done with a Solicitor.

Apparently if one of you has to go in a home then they can only take half of the house when the time comes after you have both passed on, rather than the whole amount if it is necessary.
That's correct

Has anybody done this?
Yes, I helped my parents to do it

Also is it true that if you have dementia or Alzheimers etc, that you are not charged anything in a home of your choice.
No, that's not true in England and Wales

Thank you, oap[/QUOTE

Hope this helps.

My parents had their house as tenants in common. When my father died over 22 years ago, his 50% was held in trust and my mother could live in it for as long as she needed. She has not been able to live independently for many years and is in a nursing home, costing £900 per week. If her money dries up, then she should be able to get some help in her costs and no claim can be made on the money invested from my father's half of the property which is invested, although mother does receive the monthly income from it.

Biggles

anon_y_mouse wrote: »

What we dont know is how to log this-there is no place to put the % of our tenancy on the land reg. form, or on our severance forms...does anyone have any idea?

If you pose this question on the 'House Buying, Renting & Selling' board, there is an official Land Registry Representative who checks posts and answers queries. Maybe include the words 'Land Registry' in the title to draw their attention to it.

Land_Registry

anon y mouse - I have picked up your post from a forum search but will look out for it on the other board as well and link the two perhaps

Recording the actual shares involved is not something Land Registry is required to do but often the information is added to a form or included in a deed or document e.g. will, trust deed etc. We deal with the legal ownership rather than the beneficial ownership, which is where the shares generally come into play

I hope that helps

Recording this information is often done at the same time as a change of ownership occurs or the property is first registered. Our Public Guide 18 explains this - see section 3 in particular.

As far as your specific circumstances are concerned I would recommend discussing this with a solicitor and considering a separate Trust Deed which sets out the details you refer to in more detail. All parties would then execute the deed and hopefully this would remove any misunderstandings in the future.

The land register would reflect that such a trust exists through the registration of the form A restriction and each party would have a copy of the Trust Deed for their own records.

lavalamp

Sorry to hijack this thread - Land Registry rep, can you please help me with a query here? https://forums.moneysavingexpert.com/discussion/comment/62258887#Comment_62258887 - I was recommended to find you on a post as you can't receive PMs. Thank you.