anyone got any info on what this is please ??
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anyone got any info on what this is please ??
If you co-own a property as tenants in common, each co-owner owns a specific share of the property. A tenancy in common agreement is ideal for people who wish to own property jointly with their partner but wish to leave their share of the property to someone else when they die. ...
If two people own a property as Joint Tenants and one of them dies their share of the property will automatically pass to the other person. If two people own a property as tenants in common and one dies their share of the property will pass to whoever they have left it two in their will or if they have not made a will under the laws of intestacy.Quote:
Originally Posted by poc
tried that need something i understand easier:frown:Quote:
Originally Posted by Rjk
:thumbup: feel free to ignore the snarkQuote:
Originally Posted by poc
Exactly as posted above. A big advantage is that it can enable your share of a home to be left to a Trust rather than directly to a surviving partner.
It's useful whenever a part owner of a property doesn't want any co-owners to automatically inherit their share.
A cynic might say that many people learn late that they have little in common with their surviving partner.......Quote:
Originally Posted by Re-sign Carl Dale
these legal matters are so complicated:frown:
So could the inheritor force sale of the property?
Yes. The inheritor (assuming they are a person) would part own the property and if either party wants to sell then the property needs to be sold.Quote:
Originally Posted by Freitag 4.17
I think you may be wide of the mark here.Quote:
Originally Posted by Re-sign Carl Dale
This is what "Tenants in Common", actually stops happening.
Say one party goes into a care home, then the oyher party can still reside in the house, with no worries.
This is what it protects
This article is about one of the parties wanting to force a sale.
https://www.theguardian.com/money/20...erty.mortgages
Quote:
Originally Posted by Taunton Blue Genie
Lawyers don’t come cheap.
It's very difficult to disagree with your sentiment, old fruit.Quote:
Originally Posted by BLUETIT
i fully agree with tit on this :frown:Quote:
Originally Posted by Taunton Blue Genie
So , if you are left a property with, say, your siblings , are you tenants in common ?
jimmy i wish i could answer this so muchQuote:
Originally Posted by Jimmy the Jock
Yes, this would usually be the way that it's owned. If you're not sure then you can check out the ownership status on the Land Reigstry for £3. If it's Tenants In Common then there will be wording on the title.Quote:
Originally Posted by Jimmy the Jock
Not the case. It's not the act of Tenants in Common that will potentially protect the home, it's who the other owner is and the terms upon which they own it. Having said that, a property can only be forcibly sold against the wishes of the other party with a court order.Quote:
Originally Posted by BLUETIT
If one partner of a couple needs to go into a home, then regardless of how it's owned (or even who it's owned by) the other partner can continue living in the home without worries (assuming they are over 60).
The problem is if one partner dies, and the surviving partner then owns the house solely (which will always happen if the home is owner jointly, or even if t-in-c and the Will directs it to the surviving partner).
This is game over if the surviving partner then needs to go into a care home as they then own the home solely, and don't have the protection of someone over 60 still living there (which means that the local authority must ignore the value of the home).
The most common solution (and one I usually put in place for my clients) is to set up a Trust within the Will. This means that on the death of Partner 1, their share goes in Trust for the children but there is clear wording that the partner can continue benefiting from the house (ie living there rent free). This means that if the surviving partner needs to go into care, then they only own half a house and the other half has a legal Trust deed that confirms that the only person who can benefit from it, is themselves.
In this situation, as there is a Trust deed, then the home cannot be forcibly sold (unless the courts over-ruled the Trust, which would be incredibly unusual), and the home is ring-fenced and protected for the family unless they can find someone who's willing to buy half a house!
That's what I said in 20 words, rather than 2000 :hehe::wave::hehe::wave:Quote:
Originally Posted by Re-sign Carl Dale
Completely the opposite of what you said if we're being picky! You suggested that I was 'wide of the mark', and that tenants in common allows one person to continue living in their home if their partner is in a care home. This is not the case as the house would never be vulnerable in this scenario.Quote:
Originally Posted by BLUETIT
Saying that having tenants in common protects the house is like saying that a football can win the FA Cup.
...and yes, I am having a bad day :hehe:
cheers butty:thumbup:and thanks for all answers :thumbup:Quote:
Originally Posted by Re-sign Carl Dale