Ask an Property Solicitor. Get an Answer ASAP.
Hi. thanks for your enquiry. If you could confirm what exactly you would like guidance on, I will happily assist. Can you send me a copy of the Deed? I look forward to hearing from you. Al
Hi, thanks. Well, the Deed is pretty standard and has been drafted as I would expect. It confirms that you both are no longer Joint tenants, and now are to hold the property as Tenants in common, with you owning 80% and your Husband 20%. (Tenants in common has nothing to do with being a tenant in the renting scenario-it is the legal term used whereby each legal owner owns a separate percentage share in the property). There is nothing further in the Deed which needs amending and is fine, as drafted. Hope this helps. Kind Regards Al
Hi, it won't affect you re-mortgaging in the future, as you are both still legal owners of the property, and the Banks/B Societies don't mind whether it is held as Joint tenants or tenants in common. Kind Regards Al
Hi, the last paragraph is just covering any future possibility that you may have a Mortgage, in that the division of the proceeds of any sale AFTER the payment of any Mortgage/legal fees in dealing with the Sale, will be divided 80%/20%. Kind Regards Al
Hi, I can't advise you which is the best for you, as I don't know your personal circumstances. What made you ask the Solicitor to change it to Tenants in common? Al
Hi, well from the little I know concerning your circumstances, you are probably best to hold the property as Tenants in common. I hope you appreciate this site can only guide you on legal matters, and although I am a Solicitor, ultimately you need to rely on the advice of your own Solicitor. I hope I have assisted, and if so, I would be grateful if you could rate my answer. Best Wishes Al