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    • ExNicotineQueen
    • By ExNicotineQueen 16th Apr 18, 1:02 PM
    • 336Posts
    • 295Thanks
    Joint tenants or tenants in common?
    • #1
    • 16th Apr 18, 1:02 PM
    Joint tenants or tenants in common? 16th Apr 18 at 1:02 PM
    I am buying a property with my partner. I am putting in 50k and my dad is gifting us 50k (total 100k deposit). We are applying for the mortgage jointly.

    We have agreed that in the event we split and sold, that I would get back my deposit amount and the amount my dad gifted (the full 100k) and then we would share any equity thereafter 50-50. We will both be paying the mortgage equally.

    How does it work in regards to putting a percentgage amount of who owns what? Ideally I want us both to own 50% each - I just want the deposit protected should we split.

    I know I can get a deed of trust put in place for this but the stumbling block I am falling on is are we then joint tenants or tenants in common?
    Last edited by ExNicotineQueen; 16-04-2018 at 1:05 PM.
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    • crystalpinks
    • By crystalpinks 16th Apr 18, 1:17 PM
    • 49 Posts
    • 20 Thanks
    • #2
    • 16th Apr 18, 1:17 PM
    • #2
    • 16th Apr 18, 1:17 PM
    Tenants in common with a trust deed, you just state to the solicitor exactly how much you want back and the remainder 50/50
    • G_M
    • By G_M 16th Apr 18, 6:10 PM
    • 46,190 Posts
    • 55,919 Thanks
    • #3
    • 16th Apr 18, 6:10 PM
    • #3
    • 16th Apr 18, 6:10 PM
    As crystalpinks says above. But one other factor to consider.

    If one of you dies, what do you want to happen?

    If the deceased has no will, his or her 50% will pass under the rules of intestacy to their child, sibling, parent etc but NOT to the partner.

    So if you want to leave your share of the property to each other in the event of death, write a will each. Of course, dad won't get back his 50K - but that was a gift, not a loan.
    • getmore4less
    • By getmore4less 16th Apr 18, 6:22 PM
    • 33,644 Posts
    • 20,354 Thanks
    • #4
    • 16th Apr 18, 6:22 PM
    • #4
    • 16th Apr 18, 6:22 PM
    If you want to own 50:50 then one way to describe the set up is you are lending the OH 50k on an interest only basis(so you deposit 50k each) to be repaid when the house is sold... or any other conditions you want like the death of either party or a buyout etc.

    Joint tenants/TIC in practice deals with the inheritable estate on death as any other event is down to what has been agreed.
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