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First buy to let

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  • Mossfarr
    Mossfarr Posts: 530
    Ninth Anniversary Combo Breaker Hung up my suit!
    Forumite
    tlee,
    you need to take advice from your solicitor regarding the joint ownership of the property. There are two different ways this can be structured - 'tenants in common' or 'tenants in kind'. I can't remember which is which but one of them means if one of the partnership dies their half share of the property goes automatically to the surviving partner. The other one means the deceased partners share does not automatically go to the surviving partner it goes to their own estate so can be distributed as specified in their Will. If there is no Will it will be distributed according to the laws of probate so would be shared between children, parents, brothers, sisters etc etc.
    You have to choose which way you want your ownership to be structured when purchasing the property and it can not be changed.
    I went through this process when I jointly purchased a property with my daughter.
    Its a messy business - Make sure you both make a Will!!
    mossfarr
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