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zedplace

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Slithery

Are they joint tenants or tenants in common? This is the crucial bit of information which dictates what will happen to your fathers share upon his death.

zedplace

I am sorry but I don't know.  How does each dictate what happens upon his passing.

68ComebackSpecial

If they're joint tenant then the house automatically passes to the son on his father's death, regardless of what his will says.

Slithery

If they are tenants in common then they each own a 50% share and your father can pass his on to whoever he wishes in his will.

If they are joint tenants then they don't own shares, they both jointly own the entire property. In this case when your father passes the property automatically becomes 100% owned by the other joint owner and there will be nothing your father can leave in his will.

AdrianC

Property ownership used to be paper deeds, back in the day. Now, it's all registered with the Land Registry.

What happens to the property on his death depends on how they jointly own it - which they will have specified when they bought the property, and will be recorded at the Land Registry.

If it's tenants-in-common, then his 50% can be left to whoever he wants in his will. If he doesn't have a will, then the rules of intestacy define who inherits what - usually, with no spouse, it'd be jointly between all surviving kids. Yes, including the 50% owner.

If it's joint tenants, then his ownership simply ceases to exist the second he breathes his last, and the son's joint ownership just becomes sole ownership automagically. There is nothing to leave in a will.

The father cannot restrict anything from happening with the property post his death, apart from saying who he leaves it to.
If he wants the other kids to have a say in it, then he needs to leave his 50% in to them. How many of them are there? Once they're joint owners, then they have just as much say in what happens to the property as any other joint owner. And, yes, that means they share the legal responsibilities of being a landlord, and receive a share of rental income. And, yes, that means that if one of them hits financial troubles, they may have to sell their portion.

I presume the joint-owner son doesn't live there. So what does the father want to happen to the property after his death, if he doesn't want it sold or let? Museum to his life?

FaceHead

zedplace said:

I am sorry but I don't know.  How does each dictate what happens upon his passing.

You can find out the answer to this by buying a copy of the title register from land registry

pphillips

When you get a copy of the title register, see whether it has a restriction that says:
"No disposition by a sole proprietor..."
If it has, then they are tenants in common.
If its not there then the joint tenancy will need to be severed, this can be done by sending notice to the other joint tenants. A form can then be sent to land registry instructing them to enter the restriction on the register.

getmore4less

The issue is that even being tenants in common they have no say over what happens to the property after the fathers death.

the sole remaining legal owner has total control.
Their only responsibility is to make sure the beneficial interests of whoever the father left them to are followed  like tbuy out the share or sell and distribute but they can ignore that and the only resolution it to take them to court.

Its a feature of land ownership.

AdrianC

getmore4less said:

The issue is that even being tenants in common they have no say over what happens to the property after the fathers death.

the sole remaining legal owner has total control.

Except if the property is owner TiC, the deceased father can leave his 50% to the other sibs... Then they will be joint legal owners, too.

AdrianC

LizMaryR said:

I'm spamming a business idea around a platform that would allow co-investors to input contributions to a property and calculate their 'ownership' shares, helping bring some clarity to these sorts of financial relationships. I'm looking for feedback on the product, especially from those who are currently/previously invested in a property with another person (not husband/wife).

Isn't that just a two-minute spreadsheet?