Hi there
I'm after a bit of advice re a joint mortgage between myself and my long term girlfriend. We are both in our 20s and it is our first place together.
As an unmarried couple I am interested to find out a bit more about the implications of signing up as joint tenants vs tenants in common. From what I understand anything in a will is overruled if we go as joint tenants and my half of the property would automatically transfer to her.
I think my parents are concerned about future problems if we split up etc if the property is jointly owned rather than us having equal shares as tenants in common. I have looked into inheritance tax and the property is around £150k so well under the threshold for that. Is there really much difference between us being joint tenants or TIC but putting in our will that we would like it to go to the other person? (as we'll have to do a will anyway for our savings).
Any help would be great thanks :)
I'm after a bit of advice re a joint mortgage between myself and my long term girlfriend. We are both in our 20s and it is our first place together.
As an unmarried couple I am interested to find out a bit more about the implications of signing up as joint tenants vs tenants in common. From what I understand anything in a will is overruled if we go as joint tenants and my half of the property would automatically transfer to her.
I think my parents are concerned about future problems if we split up etc if the property is jointly owned rather than us having equal shares as tenants in common. I have looked into inheritance tax and the property is around £150k so well under the threshold for that. Is there really much difference between us being joint tenants or TIC but putting in our will that we would like it to go to the other person? (as we'll have to do a will anyway for our savings).
Any help would be great thanks :)