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Proportional ownership of a house?

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  • 15-05-2014 11:21pm
    #1
    Atlantic Dawn
    Registered Users Posts: 82,681 ✭✭✭✭
    M


    Is it possible to have portioned ownership listed in the deeds of a house? If say house is owned by 2 people but 1 contributes 2/3's of the price and another person putting in 1/3. If it's not possible can an agreement be entered in to outside of this with tax implications on the sale being set to 2/3 gain and 1/3 gain based on the ownership or must it always be 50/50 matching the deeds?


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    #2
    murphaph
    Registered Users Posts: 19,022 ✭✭✭✭murphaph


    Atlantic Dawn wrote: »
    Is it possible to have portioned ownership listed in the deeds of a house? If say house is owned by 2 people but 1 contributes 2/3's of the price and another person putting in 1/3.
    Yes that is possible. It has to be or any property passed on through intestacy where tge spouse gets a two thirds share would have to be sold.


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    #3
    o1s1n
    Registered Users Posts: 34,951 ✭✭✭✭o1s1n
    Master of the Universe


    Yep, it's called 'Tenancy is common' and is one of the options your solicitor will go through with you.

    Tenancy in common
    This means the property is owned in defined shares by two people. For example, 50/50, 75/25, 60/40, etc. Each person can leave their share of the property to whomever they wish. (They may leave their share to their partner for example, but they must make a will stating this fact). If no will is made, the share becomes part of the estate of the deceased partner and the other partner does not have any automatic right to the share. Instead, the family (or even a separated spouse or civil partner) of the deceased person can claim this share. You can read more about dealing with a deceased person's estate here.


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