95/5% tenants in common

[Bunny]

You can change to Tenants in Common or Joint Tenants at any point in the future, quite easily, just by registering it with the Land Registry.

[AndrewH]

For a good and clear explanation of the two kinds of joint ownership, see this:
http://www.blockslegal.co.uk/articles/b ... t-tenancy/

[SusanMay]

I can't think of any reasons. When my husband and I bought our holiday cottage we bought it as joint tenants. Having said that it never occurred to us to do otherwise! I think couples tend to use joint ownership, with tenants in common useful for friends / business partners etc who want to keep their share of the property separate, maybe in different proportions, and not automatically owned by the other if one dies.

[ClareW]

Yes SusanMay, I thuink we will go ahead as Joint Tenants. We were initially advised by our Financial Advisor to buy as tenants in common 95% me and 5% my husband for tax purposes as it would be me running it and I am the lower earner so that I could declare the income, but now we know that as a FHL you can decide how to split the income regardless of how the property is owned I think we will buy as Joint tenants. Should have the keys next week....!

[AndrewH]

I can't think of any reasons. When my husband and I bought our holiday cottage we bought it as joint tenants. Having said that it never occurred to us to do otherwise! I think couples tend to use joint ownership, with tenants in common useful for friends / business partners etc who want to keep their share of the property separate, maybe in different proportions, and not automatically owned by the other if one dies.

+1

[Sun Lover]

Two examples of why my friends are glad they purchased as tenants in common 50/50...........first couple had children from previous marriages/relationship, friend could die safe in the knowledge that her 50% would not automatically go to her 2nd husband and ultimately his kids and her child got nothing.

second one was concerned that if she died and property was joint tenants, husband would get all, remarry, die and new wife/family got everything.

Obviously both 1 and 2 made wills leaving their half to their children with a clause allowing husband to stay in property for x years until children 18.

This article explains a lot.................

http://www.thisismoney.co.uk/money/news ... common.htm