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Converting to Tenancy in Common

Tom2023 · 2016-04-16 13:59:46

My name is the only name on the deeds of my house but I would like to gift my children a share of the property and for them to be Tenants in Common. Most of the advice I can find involves going from Joint Tenancy to Tenancy in Common Bearing in mind I have a mortgage on the property can anyone offer any advice how I should…

Comments

Mojisola Posts: 35,571 Forumite

16 April 2016 at 9:18PM

AnotherJoe wrote: »

Not to mention, according to recent posts here, as adults unless they have problems, they won't be classed as dependants and so the house could be forceably sold anyway, so the answer to your question "they can't really sell a third of a house can they?" is "no, they'd just sell all of it"

The council would initially put a charge on the house and charge interest on the loan.

If there was no other way to pay back the loan, they would eventually force a sale but they can't 'just sell it' as they wouldn't be the owners.

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