Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Joint tenants or tenants in common

4 replies

Firelogbridge · 03/04/2022 23:11

Looking some advice on what we should do.

Bit complicated but dh and I lived together in another house for 14 years. I was never on mortgage/ deeds (for a range of reasons- me doing phd and him porting previous mortgage). We moved recently but due to sale falling through on our house, I ended up getting a mortgage on new home in my name solely (so it actually worked out well me not being on mortgage/deeds). After sale completed original house we paid off new mortgage completely (so now mortgage free) but it was solely in my name. We now need to add dh name to it. Solicitor asked if we want to be JT or TIC. Solicitor is so hard to get hold of and advice has been minimal- just standard links to info.

Any advice from anyone?? Neither of us have any other properties or children outside of our marriage. We also have no plans to move from this house.

OP posts:
MoHunter · 04/04/2022 07:34

Joint tenants you both own equal shares and if one of you were to die the whole house automatically belongs to the other. TIC you specify how much % of the house each of you own and if one dies the other's share forms part of their inheritance.
My husband and I went with JT.
Not sure if there are other important differences.

SixteenTwelve · 04/04/2022 11:06

With tenants in common your share of the house does not automatically go to the other owner when you die. However, as you are married this would not apply unless you have a will that says otherwise.

For a married couple there isn’t really a need to be TIC unless you have e.g. children from a previous relationship whose inheritance you want to protect.

My parents split to tenants in common when they paid off their mortgage to protect some of the house money in the event one of them went into care in the future.

Whatever you choose, you can change it later quite easily 😊

CheltenhamLady · 04/04/2022 19:24

We changed to TIC, to protect the house in case one of us needs care. We were advised to do this by our solicitor. Most of our friends have done the same thing after similar advice.

Xenia · 04/04/2022 19:34

We were joint tenants. My parents were too until my father changed it because he thought my mother might not leave her share of the house to us children (if our father died first) although that was not something she would have done but he wanted to be sure and tenants in common gave him the right to leave her half to us which is what happened as she died first.

If it is JT it goes automatically on death to the other joint owner and I think falls outside the estate for IHT and is simpler (although for couples houses up to £1m are outside IHT anyway)

New posts on this thread. Refresh page