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Tenants in Common/Joint Tennants

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  • 29-09-2006 11:10am
    #1
    Slaanesh
    Moderators, Education Moderators Posts: 1,863 Mod ✭✭✭✭


    Myself and my brother recently bought a house. We are now faced with registering the house. The 2 options are:

    Tenants in Common:

    Under this system of regstration you will be in a postiion to separately dispose of your 50% share or leave it to a third party in accordance with you Will.

    Joint Tenants:

    This is where you own the property equally but not in distinguishable shares. Under this system of registration the property passes by survivorship on the death of one or other of the owners.

    Has anyone done this before, if so, what option did you choose and why?


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Done it, not in Ireland though.
    Chose the second option- as in circumstances where multiple parties are involved, should one person get married and on settlement of the estate, it would prove a nightmare if they were forced to sell the property to satisfy the executor of the will.

    Under the second option- what would normally happen is an agreement made that the 5 largest estate agents in a 20 mile radius would each independently value the property and the mean of the 5 valuations would be ascribed as the accepted value of the property and the relevant share of this gifted to the benefactor of the deceased member of the original purchasers will. (err that has to be the worst sentence I've written in a while- you get the jist though).

    The aim is to safe guard the asset in the event of the death of one of the original purchasers- not do anyone out of an inheritance. In many cases death duties would eat up stupid amounts of the asset (I am aware of one Irish estate that changed hands 3 times in 1943 through multiple deaths in the one family- the surviving brother eventually being forced to dispose of the property to satisfy the tax man- this was how the Irish State managed to get its hands on a lot of wonderful properties....... Portugal, Spain, Germany and a lot of continental Europe have copped this one too.....)


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    #3
    Victor
    Registered Users Posts: 78,393 ✭✭✭✭Victor


    Also take a look at this thread. http://www.boards.ie/vbulletin/showthread.php?t=173124


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