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Thread: tenants in common ??

  1. #1

    tenants in common ??

    anyone got any info on what this is please ??

  2. #2

    Re: tenants in common ??


  3. #3

    Re: tenants in common ??

    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. ...

  4. #4

    Re: tenants in common ??

    Quote Originally Posted by poc View Post
    anyone got any info on what this is please ??
    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.

  5. #5

    Re: tenants in common ??

    Quote Originally Posted by Rjk View Post
    tried that need something i understand easier

  6. #6

    Re: tenants in common ??

    Quote Originally Posted by poc View Post
    tried that need something i understand easier
    feel free to ignore the snark

  7. #7

    Re: tenants in common ??

    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.

  8. #8

    Re: tenants in common ??

    Quote Originally Posted by Re-sign Carl Dale View Post
    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.......

  9. #9

    Re: tenants in common ??

    these legal matters are so complicated

  10. #10

    Re: tenants in common ??

    So could the inheritor force sale of the property?

  11. #11

    Re: tenants in common ??

    Quote Originally Posted by Freitag 4.17 View Post
    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.

  12. #12

    Re: tenants in common ??

    Quote Originally Posted by Re-sign Carl Dale View Post
    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.
    I think you may be wide of the mark here.

    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

  13. #13

    Re: tenants in common ??

    This article is about one of the parties wanting to force a sale.

    https://www.theguardian.com/money/20...erty.mortgages

  14. #14

    Re: tenants in common ??

    Quote Originally Posted by Taunton Blue Genie View Post
    This article is about one of the parties wanting to force a sale.

    https://www.theguardian.com/money/20...erty.mortgages

    Lawyers don’t come cheap.

  15. #15

    Re: tenants in common ??

    Quote Originally Posted by BLUETIT View Post
    Lawyers donít come cheap.
    It's very difficult to disagree with your sentiment, old fruit.

  16. #16

    Re: tenants in common ??

    Quote Originally Posted by Taunton Blue Genie View Post
    It's very difficult to disagree with your sentiment, old fruit.
    i fully agree with tit on this

  17. #17

    Re: tenants in common ??

    So , if you are left a property with, say, your siblings , are you tenants in common ?

  18. #18

    Re: tenants in common ??

    Quote Originally Posted by Jimmy the Jock View Post
    So , if you are left a property with, say, your siblings , are you tenants in common ?
    jimmy i wish i could answer this so much

  19. #19

    Re: tenants in common ??

    Quote Originally Posted by Jimmy the Jock View Post
    So , if you are left a property with, say, your siblings , are you tenants in common ?
    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.

  20. #20

    Re: tenants in common ??

    Quote Originally Posted by BLUETIT View Post
    I think you may be wide of the mark here.

    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
    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.

    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!

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