Joint Tenants or Tenants in common?

Mojisola

fernando_andre wrote: »

Hi, back in 2015 me and my partner done a mortgage and bought a house together, she has a daughter (which she is 20 years old now) of which I’m not the father! We weren’t married back in 2015, but we got married in 2017 (registar office).

In the case of one of us die (me or my partner) , who will own 100% of the house? Or do we have to make a will to make sure that if i die she will own 100% of the house or the other way round?

We bought the house as joint tenants.

If the house is owned as joint tenants, then none of the other information is relevant - you both own all the house and, when one of you dies, the other will still own all the house.

If your wife wants to ensure that her daughter has an inheritance from her (and doesn't have other capital to provide this), she should look at changing to tenants in common, each of you having a life interest in the other's share of the house and her daughter being the beneficiary of her half.

tlc678910

Don't forget if you gift or will a portion of your house to your children they will lose their first time buyer stamp duty exemption, lose the chance to use shared ownership/ help to buy bonus and they will have to pay an extra 3% stamp duty on their own property purchase as it will be an additional property.

In addition if they don't live in your home but own some of it they will have to pay capital gains
Tax on the increase in value from when they were given it until it is sold. This could be substantial if it were held for twenty years for example.

Tlc