Joint Mortgage and Estate

Land_Registry

Yorkshireman99 wrote: »

Assume nothing! Give the LR a call and ask them to confirm which it is.

Perhaps irrelevant now as the thread has moved on but posted in case others read it

The register is not the definitive detail as to whether joint owners are JTs or TIC. The register may offer an indication but it is no more than that.

Our online guidance explains more.

Most people look for a form A restriction on the title to indicate that they are TIC. If there isn't one, as in this case it seems, then they must be JTs that is not so.

A form A can be added for a variety of reasons including by default if no details as to how they wish to hold it or conflicting details are provided. Similarly a trust may have been entered into or the joint tenanancy severed but no application was made to register the form A

The register may point in one direction but it is not definitive on how the beneficial ownership is held.

getmore4less

the house position needs some clarification .

Where there is a secured debt the house is not part of the estate just the equity is.

Secured debts and the security(property) are effectively tied together.

there is also the concept of distributable estate and taxable estate.

the beneficial interest in the property is taxable and that, in the absence of any other documented split, will be 50% of the equity, type of ownership makes no difference.

where the ownership is TIC the equity forms part of the distributable estate
where ownership is joint then survivorship kicks in than the other tenant(s) get the share.

Typically what happens is the debt stays with the property so even with TIC the share owned by the debt can pass to the other person if they take on the debt. similarly with survivorship if they want the property they take on the debts the estate is not obliged to pay any of it.

there are variations, even with joint tenants an estate can retain a beneficial interest if it pays off debt.

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For an estate that is potentially insolvent care needs to be taken before getting involved and where the only substantial asset is likely to be a house jointly owned with debt then getting the status and intentions of the other parties is essential.

If the numbers don't add up to make it worth while dealing with the estate walk away and let the other owner sort out the house.

droiderm

Just to clarify it was a rented property and I think, but can't be sure that he paid the rent anyway

getmore4less

She has some debt, up to now we only know of a CCJ of around 16k. We don't know the detail but it may be secured in some way on a property she was jointly on the mortgage of.

what about this one?

droiderm

getmore4less wrote: »

what about this one?

What about what one?
Sorry just got back to this.

We have an appointment with the solicitor next week to go through it.

getmore4less

droiderm wrote: »

What about what one?
Sorry just got back to this.

We have an appointment with the solicitor next week to go through it.

you are talking about a mortgaged property and a rented one