Tenants in common

Jones1309

Hi


I am in the middle of changing my property deeds into tenants in common instead of joint tenants. Without a declaration of trust, does this mean it will automatically be 50% equal shares for both parties? is this enough to protect my 50% or do I need to do a declaration of trust as well as change it to tenants in common. Both parties are in agreement


Thank you in advance for any help

Exodi

Now this is interesting because on the Title Transfer forms (TR1/TP1) where you specify how the property will be held as transferees you can actually define unequal shares as tenants in common however I have never seen anyone recommending to do it like this? I'm not quite sure why but the consensus has always been to get a DoT.

You say to protect 'your 50%' which would contradict your requirement to change from joint tenants to tenants in common?

Jones1309

I want the protect the 50% as we both have children from first marriages so I wish my half to go to my children and his half to go to his children. With Joint tenants the property automatically goes to the surviving spose then to their family if a will is not made.

Exodi

Jones1309 wrote: »

I want the protect the 50% as we both have children from first marriages so I wish my half to go to my children and his half to go to his children. With Joint tenants the property automatically goes to the surviving spose then to their family if a will is not made.

Oh, that makes sense. You can assign as Tenants in Common with equal shares with no DoT. It's section 10 of a TR1/TP1 form (google it).

Jones1309

Do I need to fill in the TR1 form as well as the SRV from filled in for the land registry ?


Thank you so much for your help

Mojisola

Jones1309 wrote: »

I want the protect the 50% as we both have children from first marriages so I wish my half to go to my children and his half to go to his children.

Are you going to give each a life interest or a set time to stay in the home or will the survivor have to sell up while grieving in order to hand over the inheritance?

Jones1309

My first priority is to protect my daughters inheritance. Maybe after we can think about the how we want the house to be split. and do a dead of trust. If it is left in joint tenants and something happens to both of us, my children will get nothing as he is younger than me, so it will all go to his children( this shocked me when I read it ) :0

Tom99

Jones1309 wrote: »

My first priority is to protect my daughters inheritance. Maybe after we can think about the how we want the house to be split. and do a dead of trust. If it is left in joint tenants and something happens to both of us, my children will get nothing as he is younger than me, so it will all go to his children( this shocked me when I read it ) :0

It is your will which sets out what you want to happen to your 50% ownership. A deed of trust would normally only set out how the proceeds on sale are to be divided between the two of you.

xylophone

https://www.co-oplegalservices.co.uk/media-centre/articles-jan-apr-2017/do-tenants-in-common-need-a-declaration-of-trust/

https://www.co-oplegalservices.co.uk/media-centre/articles-jan-apr-2017/do-tenants-in-common-need-a-declaration-of-trust/

Will each of you leave your partner a "life interest" in your wills?

https://www.redstonewills.com/news/item/what-is-a-life-interest-trust-and-how-can-it-help-you

Mojisola

Jones1309 wrote: »

My first priority is to protect my daughters inheritance. Maybe after we can think about the how we want the house to be split. and do a dead of trust.

If it is left in joint tenants and something happens to both of us, my children will get nothing as he is younger than me, so it will all go to his children( this shocked me when I read it ) :0

Are you married to this partner?

If so and you haven't made a will leaving your 50% to your daughters, he may inherit it anyway.

Read up on the intestacy rules.

Jones1309

Yes we're married and I have a will to leave to my girls but until the property is changed to tenants in common they won't automatically get anything from the house if I die. So is the srv form the only form needed at the moment to just change to tenants in common?