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Advantages of Tenancy In Common
bluewater
Posts: 122 Forumite
My wife and I are hopefully about to buy a house and had decided to buy as Tenants in Common rather than as a Joint Tenancy (which our present house is in) because of the potential inheritance tax advantages. Since IT has now been changed this is no longer an issue for us. Are there other advantages to us owning the new house as Tenants In Common or shall we just stick to the usual Joint Tenancy?
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I believe that this is one way of preventing the house being sold if one of the owners had to go in to a care home., but I don't know the exact details.0
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If one of you has to go into a care home, you won't have to sell the house, as they only own half the house and you can't sell half a house.
With a normal joint tenancy, you both own 100% of the property, so they can make you sell it to cover care home fees.poppy100 -
yes ive done this when my husband left me. its a handy thing to have, lol means he cant just sell itYou're not drunk if you can lie on the floor without holding on0
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If you're tenants in common your partner can leave his 50% to anyone. So, no point in chucking him down the stairs, unless you're sure you're named in his latest will. According to my OH anyway :rolleyes:.
Seriously, if you're 'getting on in years' it can be beneficial for 1 partner to leave their 1/2 to someone else. Then if remaining partner needs to go into care there is only 1/2 of a house to be sold - and who would want to buy 1/2 a house? Wish I'd got my ma & pa to do this......:eek:A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0
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