Joint tenant or Tenants in common

Vlw30

Myself ,  partner(not married) and my son are in the process of buying a house together. And we are cash buyers.
 I am so confused about whether to be joint tenants or Tenants in common it is stressing me out so much.

I understand the difference between both but not sure which one is right for our circumstances.  .
 If we do joint tenants with 3 of us owning it, what would happen if any of us needed to go into a care home. Could they make us sell the house to pay the fees.

 we are all putting different amounts in towards the house.. my partners half and me and my son is making the other half up.. (Me putting more in than my son)  would doing it this was protect the house more from care home fees if any of us need to go into care
If my son wanted to get his own property later in life could he sell his share to us

Me and my partner has always said my son gets the house when we pass away.
However  if I was to die first. Son gets my half. But what if my partner meets somebody new. How can I keep my sons inheritance protected.

Sorry for the long post
Thanks

Keep_pedalling

If you have un even shares it needs to be TiC with a deed of trust documenting the split.

What is the reason your son is involved in the purchase. He will lose his first time buyer status doing this, and if he want to buy his own place later you will either have to buhhim out or he will be looking at paying additions tax as it will be classed as a second home.

Vlw30

Keep_pedalling said:

If you have un even shares it needs to be TiC with a deed of trust documenting the split.

What is the reason your son is involved in the purchase. He will lose his first time buyer status doing this, and if he want to buy his own place later you will either have to buhhim out or he will be looking at paying additions tax as it will be classed as a second home.

I can't afford my half for the house without him. We have spoken about this  and he is still happy to put the money in.

Keep_pedalling

Vlw30 said:

Keep_pedalling said:

If you have un even shares it needs to be TiC with a deed of trust documenting the split.

What is the reason your son is involved in the purchase. He will lose his first time buyer status doing this, and if he want to buy his own place later you will either have to buhhim out or he will be looking at paying additions tax as it will be classed as a second home.

I can't afford my half for the house without him. We have spoken about this  and he is still happy to put the money in.

Well that is going to be a problem if he does want to buy his own place and you can’t afford to buy him out. 

elsien

You also need to consider what will happen if you and your partner split up and you can’t afford to buy him out. 

Hope for the best and plan for the worst