Tennants in Common

[LWoodhurst]

If property deeds are held jointly as tennants in common - can one half of the party sell or give away their half without the other knowing?

[acw]

What an interesting question!  I thought the answer was obvious - you each have a clear share of the property (usually 50-50) and it's yours to do with what you please.  But I see, as you probably did, that nowhere online helps with "secret sales".  You can easily find out the difference between TiC and Joint Tenancy - but that's no help to you.  My gut instinct tells me that indeed person A could legally sell their half without person B knowing. 

 

Perhaps a little clarity.  Do you mean - "are they premitted to do so?" or "is it practically possible or would both tenants in common have to sign something before half of the property was sold?".  

 

Again - I suggest you ask at the citizens' advice bureau.  I wish I could help further but it's a tricky one!

[kags]

The difference between tenants in common and joint tenants is important on the death of one of the tenants, but I believe it makes no difference in the case of a sale during their lifetimes. Either tenant could insist on a  sale but would have to have the other tenant sign the sale contract. I would however, certainly take legal advice on this!

[Didwot]

You need to consider two separate things. The legal title to the property, and the beneficial interests in the property. The legal title is vested in those people whose names appear at H M Land Registry. A change to the legal title requires the involvement of all the registered owners. (It would be the same for inregistered land). The beneficial interests tell you how the property is used and how the proceeds of sale will be shared. For example it is possible for the property to be used as a home for one of the owners, who pays all the outgoings etc, and for the co- owner(s) to have defined shares in the proceeds of sale. Those shares do not have to be equal. It would be best, but not essential to have those interests recorded in a deed. It is possible for one owner to assign (sell or give away) his beneficial interest in the property without telling the others, although this is highly unusual, (but this is precisely what happens if one of them goes bankrupt; thier interest passes automatically to the Trustee in Bankruptcy).

[Mrs_Pegasus]

Currently involved in a situation where there is a 50/50 tenants in common agreement.  Fortunately, for the side I am on, there was never an agreement drawn up about what would happen if the relationship dissolved.  The battle over who owns what etc has now been on-going for 2 years!

Basically, if there was a chance of selling the 50% share I am sure one of the solicitors would have suggested it by now.  Its a messy legal battle and not one I would advise.  If anyone is thinking of going for a 50/50 tenants in common, draw up an agreement before hand, believe me it will save a lot of heartache later on shoud things go pear shape.

Another thing to note, is if the house is being occupied by a parent(s) with a child under the age of 16 the chances of forcing a sale of very very slim.

[Didwot]

Hi, Mrs_Pegasus, sorry to hear that you are making the lawyers richer. Did the lawyer who acted for you at the time of the purchase advise you to set out an agreement as to how and when the house would be sol ( and what should happen in the meanwhile?) If not it sounds as though they may have been negligent. I will give youi �5.00 for your half share!!!

[Didwot]

sold - not sol !!!

[Mrs_Pegasus]

LOL Didwot

Fortunately, its not my direct problem.  There was no agreement but a form is completed where both parties sign to say they have accepted this.  This is the line which will probably be the cruncher if this case comes to court.  The solicitor at the time advised but unfortunately at that time the people involved thought there would never be an issue and live happily ever after!  Fools you may well think but there are many fools out there in very similar circumstances.

The house has almost tripled in value since the tenants in common agreement was made which is why both sides are keen to protect their investment.

So sorry no-can-do on the offer of �5!

[Didwot]

Got you rumbled, Mrs_Pegasus. You am one of dem lawyer tings yourelf. Still it was Shakespeare wot wrote
"the first thing that we'll do. Lets kill all the lawyers."

[Cheeky One]

I am about to enter into a 50/50 Tennants in Common agreement with my girlfriend. The idea is that we can both protect our investment.

Any advice? Will this money be secure in case things go wrong. Sounds a little harsh and untrusting but both decided this was the most sensible route to go down at the monent. The money I am putting in is a present to me. Hers is her own.