Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Property/DIY

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

Buying house as joint tenants or tenants-in-common

3 replies

MeadowHay · 08/08/2022 16:30

I'm assuming our conveyancing solicitor can advise us about this, but was wondering if anyone has any brief advice. Me and DH are about to buy our first property, I know the norm is to buy this as JTs. However, I know too many stories of children essentially being disinherited by their parents in favour of parents' later partners, and I was wondering whether buying as tenants-in-common could help prevent this? If we did it, it would be 50/50 shares. But then I don't know if that would lead to other consequences like inheritance tax etc if one of us died and inherited the other 50% of the property? Is this a viable plan or is it not really possible from a practical POV to future-proof in this way? This actually has happened to DH himself so he's on board with the idea too in principle. Or what about if we split up, and one of us wanted to sell, not sure how that would work, although I guess divorce court would sort that to some extent?! I'm not here for bespoke legal advice obviously but just curious if anyone has done this for similar reasons and if it can be done without too much difficulty?

OP posts:
BeechFairy · 08/08/2022 16:51

We switched to TiC when we last changed our will. DC adults and we are getting older. If one dies their share goes directly to DC while the surviving partner has the right to live in the property for life, or even to sell and buy another.

Lilfirth · 27/10/2022 19:53

We are in the process of buying as tenants in common. It is pretty straightforward to do - you declare to your solicitor that this is what you want to do, then you need a deed of trust to specify shares, as well as what you want to happen if eg one of you wants to sell but the other doesn’t. Our solicitor referred us to someone in her firm who drew up the deed. You can also specify how profits would be distributed if sold. If you are married, it shouldn’t make any difference to inheritance tax - the fact of being married would also trump the contents of the deed in a divorce court, apparently (although some notice would be paid to it as a record of your wishes and intentions). It will be a few hundred pounds to get the deed drawn up.

Lilfirth · 27/10/2022 19:53

Oops sorry only just noticed this is an old thread!

New posts on this thread. Refresh page
Swipe left for the next trending thread