Tenants in Common
Posted on 6 April 2018 by Sydney
We are able to sign a tenants in common agreement, what does this involve and how should it be split?
Unlike joint tenants:
- you can own different shares of the property
- the property does not automatically go to the other owners if you die
- you can pass on your share of the property in your will
Typically, we see an agreement in place for joint applications of around 50/50 if both tenants are paying half of the mortgage and initial deposit. I do not think it is for me to decide the precise split and if you are in any doubt, I recommend that you seek independent legal advice about your position and how best to protect your interests.
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We recommend you seek professional advice with regard to any of these topics where appropriate.