PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Joint Tenants or Tenants in Common?

Options
Adamc
Adamc Posts: 440 Forumite
First Anniversary Name Dropper First Post
in House buying, renting & selling
Hi all. My partner and I are buying our first house together.

We're going to be contributing the same amounts to the deposit and monthly mortgage payments … until we have a family at which time my partner would like to work part-time.

Is going in to this as joint tenants advisable?

I can see some of the benefits of tenants in common but they don't really apply to us in our current situation.

Any advice gratefully received.

Thank you.

Comments

  • da_rule
    da_rule Posts: 3,618 Forumite
    First Post First Anniversary
    Options
    As joint tenants, should either of you die then the other persons share will pass automatically to the other owner. If you purchase as tenants in common then the share will pass in accordance with the owners will.

    If you aren't married and don't have wills then, with tenants in common, your share could end up going to your parents etc.

    You can always buy as joint tenants then sever the joint tenancy at a later date if it becomes beneficial to do so.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
    Options
    If you're worrying about how the house equity will be split when (not if) you split, then please hold off on the family.
  • Adamc
    Adamc Posts: 440 Forumite
    First Anniversary Name Dropper First Post
    Options
    AdrianC wrote: »
    If you're worrying about how the house equity will be split when (not if) you split, then please hold off on the family.

    Nobody is forecasting that. Just looking for advice in case their is something we have overlooked. From what I can tell, joint tenancy seems appropriate, but just wanted to ensure I had not overlooked anything.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
    Options
    OK, so what is the cause for your concern?
  • Mojisola
    Mojisola Posts: 35,557 Forumite
    Name Dropper First Post First Anniversary
    Options
    Adamc wrote: »
    Hi all. My partner and I are buying our first house together.

    Is going in to this as joint tenants advisable?

    What would you want to happen if one of you dies - the survivor to have the whole house or the deceased’s share go to someone else?

    If you want the survivor to own the whole house, be joint tenants.
  • Adamc
    Adamc Posts: 440 Forumite
    First Anniversary Name Dropper First Post
    Options
    Mojisola wrote: »
    What would you want to happen if one of you dies - the survivor to have the whole house or the deceased’s share go to someone else?

    If you want the survivor to own the whole house, be joint tenants.

    As things stand we would like it to go to the surviving partner.

    Obvious if children come into the equation that might change things a bit.

    I was just asking the question in case there is were any major disadvantages for us.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Name Dropper First Anniversary First Post I've helped Parliament
    Options
    If not maried and the house is a major asset then with Joint the person gets the house but does not get the transferable nil rate band which can cause issues when the equity in the property get high enough.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards