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Thomas
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7618
Experience:  UK solicitor
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I have bought a property jointly with my daughter

Customer Question

I have bought a property for cash jointly with my daughter with her equal share intended as a gift. I intend to sell the property in 5 years and give my half of the proceeds to my other daughter, also as a gift. The rent in the meantime will be split between the 2 of us.
I have to decide whether to register as joint tenants or tenants in common. Which is better given that either way both daughters will inherit the proceeds?
Submitted: 1 year ago.
Category: Family Law
Expert:  Thomas replied 1 year ago.
Hi Thank you for your question and patience, I’m Tom and I’ll try to help you. It would seem that tenants in common if more appropriate for yoru circumstance. This is because if you held as joint tenants and you were to pass away in the meantime before you sold the property then your share would pass automatically to the daughter that you own the property with and not to your other daughter who you intend to gift half the future sale proceeds to in the future. This would be the case even if you had a Will which states that you wished your interest to pass to your other daughter. If you opt to hold as tenants in common then and you were to pass away then your share would pass according to your Will. So, you should probably hold as tenants in common and amend your will to reflect that if you pass away the your share in the property should go to your other daughter that you do not own the property with. My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question. Kind regards,Tom