Tenants in common

[namechangejustforthispost]

Hi
Name changed for this post as you can see, in case it's outing. For this reason, will also be brief.

Inherited property and looking into transfer of assent. I would prefer not to jointly share this property. Is it possible to register as tenants in common and sell my share? Has anyone ever done this in practice? Is that how shared ownership properties are advertised?

Thanks in advance

[StageRage]

You really must make sure ownership is ‘in common’ because otherwise the house reverts to the other owner should you die. I.e you couldn’t leave your share to a child or spouse of your own.

[StageRage]

@namechangejustforthispost

I wish it was as straight forward as your case! :) Unfortunately if I am not able to sell my share to an outside party, I will never have my interest realised. As sibling will remain there indefinitely and also a buyout has/will never come to fruition. Although I will be legally responsible for the property..

If you own as tenants in common and you want to sell, you can have the house sold. The other owner can buy you out but if unwilling or unable, you have the right for the house to be sold and the proceeds split according to the respective shares of ownership.

[PerpetualTenant]

@Crocsandshocks

@PerpetualTenant you would have no rights to the property. They may gift it to their kids perhaps before they die.

Oh of course, I would never imagine having any rights to the property myself, I'm just a long term tenant. But just wondering at what point it might be sold and what normally happens in these situations. The co-owner that is my landlord has considerable other assets; I don't know much about their sibling.

[Crocsandshocks]

@PerpetualTenant you would have no rights to the property. They may gift it to their kids perhaps before they die.

[namechangejustforthispost]

@ethelredonagoodday

So I'm in the same position as you OP although my Dad left a will. My DB and I have been left his property (a residential dwelling) in equal shares and we are in the process of transferring the asset from dads name to ours. I'm expecting that we will hold it as TinC, and then when the time comes where we want to dispose of it, we will both agree to sell, or one of us will buy out the other. I'm not sure how else you would envisage it working?

I wish it was as straight forward as your case! :) Unfortunately if I am not able to sell my share to an outside party, I will never have my interest realised. As sibling will remain there indefinitely and also a buyout has/will never come to fruition. Although I will be legally responsible for the property..

[PerpetualTenant]

I'm curious about this issue myself. I am long-term tenant in a privately rented flat, which is part of a converted house that is owned freehold as tenants-in-common by two siblings. One of them is my landlord but I'm told they split the rent.

They have owned it for 25 years, so the capital gains tax bill would be absolutely enormous were they sell it. Reading between the lines of what my landlord has said, I understand they'll keep it ticking over as a rental, so that the tax bill disappears when their partners or children inherit.

But I don't know if it would be sold on the first of them passing away, or the second. I suppose that depends on whether the surviving owner chooses to buy out the share of whoever's inherited the other half - which perhaps wouldn't be the best use of their money given the high value. Or perhaps the person/people who've inherited a half share would offer to pay some of the capital gains tax bill of the surviving 50% owner in order to convince them to sell up at that point.

Probably I should find better things to think about than this, as neither co-owner is particularly old! But I've spent quite a bit on repairs and renovations, since I appreciate it's a long-term and stable set-up and the rent is very reasonable for the area. But a better understanding of how it may play out in future would influence whether I'd spend any more, and what plans I should make for the future....

[ethelredonagoodday]

So I'm in the same position as you OP although my Dad left a will. My DB and I have been left his property (a residential dwelling) in equal shares and we are in the process of transferring the asset from dads name to ours. I'm expecting that we will hold it as TinC, and then when the time comes where we want to dispose of it, we will both agree to sell, or one of us will buy out the other. I'm not sure how else you would envisage it working?

[namechangejustforthispost]

@MadeInChorley

I’d need a bit more detail.

Is it currently registered in the name of a single person?

Is it being inherited and transferred to you and to someone else? Who are they to you (sibling? spouse?)?

if it’s being inherited by you and someone else are you getting equal shares?

Ok sure. Its currently still in the name of the deceased. We have not completed transfer of asset yet. Sibling and I have inherited equally via rules of intestacy as the deceased made no will.

[Plantstrees]

I don't think a tenant in common on a single residential unit could sell their share unless it was to one other tenants in common. It would be more likely that you would have to force a sale of the whole property if the other tenants in common were unwilling to buy you out.

[MadeInChorley]

I’d need a bit more detail.

Is it currently registered in the name of a single person?

Is it being inherited and transferred to you and to someone else? Who are they to you (sibling? spouse?)?

if it’s being inherited by you and someone else are you getting equal shares?

[namechangejustforthispost]

@ethelredonagoodday

What type of property is it?

its a residential property (house)

[ethelredonagoodday]

What type of property is it?