Tenants in Common or Benficial Joint Tenants

TediousPhoenix

Last weekend my boyfriend and I reserved a new build flat and I'm going through the pack that has been sent to me by my solicitor. In the pack I have to decide whether we are Beneficial Joint Tenants or Tenants in Common. There is a description saying a little about each, but I'm not 100% sure which one we should be going for.

Neither of us are planning on dying or splitting up, but it is a very important thing and I need to make sure we make the right decision.

We are putting down a £35k deposit - my boyfriend is putting in a slightly larger share (roughly £5k, although we haven't done detailed calculations as we need to see the total of the other costs first) because I've had to pay for my rented flat and all the things in it - if he had moved in and gone halfs we'd have roughly the same amount. We are going to split all the cost about 50/50 (set up a joint account and pay the same in, although I'm earning slightly less but will not have any commute costs, unlike my boyfriend).

Neither of us have wills either.

I know the easier option is to get married, but that will be coming later - we can't do both at the moment.

dekh

In my poor understanding...

Joint - if you die he gets it and vice versa. If you split up maybe 50-50 probably nasty if one is bolshy and no kids involved,

Common - percentage ownership will be clearly stated do with your percentage as you wish. If you die without a will or if the will doesn't make it clear - probate? He is unlikely to get it, and vice versa.

If you go for the latter get wills. It's more like a business arrangement.

I could be talking crap There are a couple of solicitors here and they give much better answers!

subjecttocontract

Joint Tenants:
Is the usual form of ownership between married couples or those in a long term relationship. Neither party owns a share in the property but it is owned by you both eaach owning 100%. In the event of one owner dying, the title passes to the suyrvivor automatically and nothing in the Will of the deceased party would change that.

Tenants in Common:
This form of ownership allows two or more people to own a distinct share in the property. This is useful if each party has contributed a different sum to buy the property: they wish to retain financial independance where one may have a business interest and the other wishes to have protection from the creditors of the business: where the parties are unmarried or where they are, for example, parents contributing to the purchase by their children.