hi guys , just wondering what are the advantages or disadvantages of buying a property either as joint tenants or as tenants in common ?
Any tax implications as well ?
many thanx.
Any tax implications as well ?
many thanx.
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Well, do you want your share to automatically go to the survivor of your partner if you die or do you want to be able to chose who it goes to via your will?
If it forms part of your estate and goes via your will then this share will be at risk if your will is challenged. If it is not in the estate then harder or impossible to challenge (depending on the State).
The tax treatment is generally the same, unless you own JT in unequal shares.
If your share goes into the will then you could leave it to your family via a testamentary trust and get some tax advantages.
Hi Terry,
We bought our house as tenants in common many, many moons ago, now that we have changed our wills simply leaving everything to each other, would it be better to have our home ownership as joint tenants.
Would we have to pay stamp duty to change the title?
thanks
Macca
Thats a subjective question that only you could answer. Why would you consider this?
Off the top of my head I would say the changing of the title would probably be stamp duty exempt as long as you are not changing ownership percentages.
Hi Terry,
Sorry my question was imprecise so I will try again
We have appointed each other as executors and I was wondering if it would be easier to manage the estate if the house was owned as joint tenants rather than tenants in common
Joint tenants ar automatically a 50-50 split.
Tennants in common can be any proportion you choose.
Marg
Can the Tennants in common proportion be varied down the line and does it incur a cost ?
Can the Tennants in common proportion be varied down the line and does it incur a cost ?
If someone hasn't been heard of for x number of years they can be declared dead!! I think the figure is 7 years. After this time application can be made to a court for probate or adminstration of the deceased's estate.
If there is no will then the deceased's share will pass according to the rules of intestacy. So their share will probably go to any surviving spouse or children. If not then parents. If none then other relatives. If there are no entitled persons then the estate will be paid to the state.
Try locating this person by online searches including facebook, google etc. Then you may have to put ads in a newspaper. If that doesn't work then maybe a PI.
Terry, I got this unsolicited email from someone in the UK claiming I was the deceased's long lost closest relative...
Does that count?