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joint tenancy
shazkhan111
Posts: 621 Forumite
is it possible to own a property on a tenants in common basis on a 100% and 0% basis for the 2 parties
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Comments
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shazkhan111 wrote: »is it possible to own a property on a tenants in common basis on a 100% and 0% basis for the 2 parties
Why would anyone want to do that?
You're not up to something dodgy are you?dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
no just IHT....is it possible?0
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It's just not, is it. How can you legally own something but own nothing?
How far over the IHT threshold are we talking? We're up to £600k now for a married coupe aren't we? If there's that much money in the pot, there's enough money to seek professional advice
It's moneysaving if you save substantially in the long term. Everything that is supposed to be in heaven is already here on earth.
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Why not try 90/10?Trying to keep it simple...
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As far as title is concerned, its 50-50 unless otherwise stated. You will need a separate trust deed to show the % share. This is best shown has 99.999999999% and 0.11111111111. I am still at a loss to why!0
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The only reason I could see for doing this is if both names were needed to obtain a mortgage but the parties accepted that really it all belonged to one of them and he/she was going to pay the mortgage payments.
I can't see how it helps IHT.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Didn't Mr Brown change the IHT laws in the Nov budget to now negate the 'opportunity' to reduce IHT by hiding behind tenants in common ownership????The only thing to do with good advice is to pass it on. It is never of any use to oneself. (Oscar Wilde);)0
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well done richard webster the only person who understood why it was done. Lets eliminate IHT lets just say there was a will of the person who was going to own 0% that stated that an estate was to be split 50-50 to two people on death.
What i am trying to avoid is 25 % of my property going to the sharer of the estate.
Any ideas ...?0 -
I'm not sure what you're trying to achieve.
If you own a particular share of a property as tenant in common, you and the other co-owners should sign an agreement that stiplulates your respective shares.
You then leave your share of the property in your Will to whom you please.[FONT="]Public wealth warning![/FONT][FONT="] It's not compulsory for solicitors or Willwriters to pass an exam in writing Wills - probably the most important thing you’ll ever sign.[/FONT]
[FONT="]Membership of the Institute of Professional Willwriters is acquired by passing an entrance exam and complying with an OFT endorsed code of practice, and I declare myself a member.[/FONT]0
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