Tenants in Common

From: Steve K.


After buying my last couple of IP's as joint tenant with my wife, I got it into my head to buy the next one as tenants in common, with the greater share in my name, for various reasons.
I made the mistake though of not putting this information on my original offer. I simply put my wifes and my own name on the offer, and thought when it came to settlement I would instruct my settlement agent about our intention to purchase as tenants in common rather than joint tenants.
Fortunately my settlement agent informed me that I could possible be charged much more in stamp duty if I did this, because I could be fined for a technical breach having not mentioned the tenants in common arrangement on the original offer.
So to cut a long story short, it seems if you want to purchase as tenants in common youmust write this on virtually all documents right from the very beginning. FYI.
 
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