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.
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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