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Tenants in common and shares
Sofitos
Posts: 53 Forumite
Hello!
We are going to buy property and shareownership as Tenants in Common in unequle share. Can this shares be specified in Land Registry form? Or does this form contain only information about equal share or unequal share not a exact digits?
Thanks!
We are going to buy property and shareownership as Tenants in Common in unequle share. Can this shares be specified in Land Registry form? Or does this form contain only information about equal share or unequal share not a exact digits?
Thanks!
0
Comments
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The shares can be recorded in the TR1 form under the section "declaration of trust". However LR do not record this information in the Title Register.
The shares are normally expressed as percentages.0 -
It's worth noting that if a mortgage is required then this will always be on a joint and several basis irrespective of the % holding.0
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Thanks a lot! My conveyancer insist to make Deed Trust, but I want some reliable docs. As I understand, deed trust just simple agreement, which isn't registered nowhere and you keep as proof of your shares.
What is the difference between Trust Deed for 150 GBP made by conveyancer and online Trust Deed for 30 gbp?
If we make TR1, could we refuse making Trust Deed?
p.s there is no mortgage0 -
Thanks a lot! My conveyancer insist to make Deed Trust, but I want some reliable docs. As I understand, deed trust just simple agreement, which isn't registered nowhere and you keep as proof of your shares.
What is the difference between Trust Deed for 150 GBP made by conveyancer and online Trust Deed for 30 gbp?
If we make TR1, could we refuse making Trust Deed?
p.s there is no mortgage
You need to do TR1 anyway if you are buying.
The "Trust Deed" section of the TR1 is effectively a simple trust deed expressing the agreed percentage ownership.
A separate trust deed would express a wider rang of issues, e.g. spilt of income, split of expense, split of proceeds on sale etc, etc.
The fact that you need to ask the question indicates the £150 would be well spent on a solicitor rather than DIY, but you are not *forced* to do a trust deed at all.0 -
My daughter and I bought a house together for cash 6 months ago as tenants in common. It was 80/20% split and we didn't need a deed of trust as the unequal shares were specified on the TR1.0
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