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Question re: "tenants in common"
Comments
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Thank you.
Is a deed of trust something a solicitor must deal with or can you do it yourself? I had read about these and wasn't sure whether you could do them DIY, as you can with wills...0 -
It should be professionally done.
It needs to reflect each possible scenario - sale/split up in profit, break-even, loss etc.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 -
Okay, thank you. We will look at sorting all of these things out when we buy. Our deposit may be a little smaller due to legal fees but never mind. It's a sensible thing to do.
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Have either of you thought about what will happen should one of you become ill, unemployed, pregnant or any other big change of circumstances?
Working on the assumption that you will always both be in full time work earning at least what you do now, is storing up trouble for when that inevitably changes.0 -
Judging by the number that come here with badly written trust deeds solicitors are not that good at getting them right.0
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And as for wills, can't they be changed without letting the partner know?0
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Your will can be changed without your partner knowing: it is only when you hold the beneficial interest as joint tenants that a will would have no effect (the survivor would inherit your part).
So as a tenant in common, you can decide who to leave your share to and can change your mind about it up until your death Mortgage start September 2015 £90000 MFiT #060 -
Once your dead the beneficiaries can change it again.0
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