Tenancy in Common means that the ownership of the property is held in entirely separate shares. In the event of a death of one party, that party’s share does not automatically pass to the survivor. The share in the property passes in accordance with the deceased party’s will or intestacy. This maybe suitable where the purchase price has been contributed to in unequal proportions. It would also be appropriate for couples who have children from a previous relationship, so that those children can be provided for in the future.
Tenants in common is a great way of ensuring that only that person’s share would be at risk to any potential care costs in the future. Meaning that the children or beneficiaries would benefit from the other persons share of the property. This is not dissipation of your assets in term of care costs. This is a way of limiting the whole house being available to care costs should only one party go into care and perfectly legal!
There is a lot to consider and therefore it is imperative that you talk it through with someone to secure your future planning for finances and for you and your family. We have lots of information leaflets and can explain it in a simple, easy and methodical way.