My daughter and I have just bought our first IP as tenants-in-common with a half share each. We have separate loans. Would we be advised to open a joint account to have the rent deposited into and pay rates and other outgings from this account and then periodically split the excess income to our loan accounts?
Should we have a joint account?
- Thread starter RuthP
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My hubby and my parents had a half share in a house and we opened a joint account and all rent went in, all rates and repairs came out.
Every month of so we would transfer most of the funds from the joint account, half to hubby and half to my parents.
It worked well, and kept things neat.
Every month of so we would transfer most of the funds from the joint account, half to hubby and half to my parents.
It worked well, and kept things neat.
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