Tenants in Common or what ???

[lady_p_gold]

My friend owns his house and has about 100k in equity and is paying the mortgage. He recently got married and his wife and baby now reside in the home. She has not had any input to the home, however he feels it would be a nice gesture to either put her on the deeds or perhaps to put the house as tenants in common (in effect giving her half the equity) and .... if anything ever should go wrong it would not be so messy. Is this a good idea, what might the pitfalls be .. and what if they ever divorced and she wanted to stay in the home, how could he ever get half the equity back ? Hopefully it will never come to that, but in this day and age it doesn't hurt to do things sensibly. I suppose rather than some of the messes that arise with relationships and homes.

[Ethel]

The mortgage company would have to agree to her going on the deeds.

If they divorced she would most likely be allowed to stay in the house until the child is either 18 or left full time education.
Then the house would be sold and equity released to both sides.


It is not set in stone and they should both see a solicitor.

[lady_p_gold]

Thank you Ethel