|
|
|
|
|
|
 Joint Tenants Or Tenants In Common, What is better? |
 17.4.2009, 22:06
Post
#1
|
|
 Senior  Group: User Posts: 36 Joined: 14.2.2009 Member No.: 10  |
Me and my boyfriend are thinking of buying are thinking of buying our first property. Some people told me to make sure that we buy as tenants in common, some say that we should buy it as joint tenants. It's all so confusing! Could someone please explain the difference between these terms.
|
 |
 
|
 |
|
3.5.2009, 23:48
Post
#2
|
|
|
Senior Group: User Posts: 33 Joined: 15.2.2009 Member No.: 11 |
In my understanding, it all boils down to who you would like to benefit in case you aren't here anymore: your partner cum co-owner of your property or someone else who does not own the property you are to buy. If you go for joint tenancy, your future house is going to be equally owned by both of you. Once one of your kicks the bucket, their share automatically becomes that of surving partner.
|
|
|
|
|
4.5.2009, 9:56
Post
#3
|
|
 Senior Group: Administrator Posts: 106 Joined: 3.3.2009 Member No.: 36 |
It could also depend on how much money each of you plan to invest into the property you are buying. Let's say you invest twice as much as your partner. In this case, you may wish your returns to be split in the same way with you. So if you shares are not equal, tenancy in common would be the better way to protect both of your interests. You conveyancing solicitors, knowing your individual circumstances, would be able to advise you further.
|
|
|
|
|
9.5.2009, 15:45
Post
#4
|
|
|
Senior Group: User Posts: 36 Joined: 11.2.2009 Member No.: 8 |
i agree that its best to seek advice from a professional who knows your personal circumstances. Often it is advisable to hold the property as tenants in common (even its 50/50) when there are children from previous relationships to protect their interest more than anything else.
|
|
|
|
|
30.6.2009, 21:24
Post
#5
|
|
|
Senior Group: User Posts: 36 Joined: 14.2.2009 Member No.: 10 |
Thank you all! I have a better idea what those terms mean and at least wont be embarassed to ask our conveyancing sols all sorts of questions.
|
|
|
|
|
4.12.2009, 16:58
Post
#6
|
|
|
User Group: User Posts: 17 Joined: 3.12.2009 Member No.: 932 |
Hi friends !
Common tenancy is that the heir, who may not be a surviving co-tenant, may be disinterested in holding on to the property. The remaining co-tenants may object to the property being sold off and force the heir to file a partition action whereby the court is entrusted with the task of distributing the proceeds of the property that is sold as per court orders. Filing a partition action or buying out tenants will result in dissolution of the current arrangement of holding property. Thanks ! This post has been edited by jonymahnty: 15.12.2009, 18:20 |
|
|
|
 |
| Lo-Fi Version | Time is now: 14.3.2010, 7:11 |
