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Tenants in common

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Tenants In Common Leeds

Tenancy in common is a real property joint possession form for two or more people. The number of people who can own the property jointly is unlimited. Once there is unity of possession between the tenants in common, the joint possession of the real property is formed. Tenancy in common lacks the right of survivorship (where a tenant takes the possession of the property when the other one dies) unlike in the joint tenancy.

Tenants' In Common Rights

Tenants’ relationships in tenancy in common make no difference; they can either be related or unrelated. Husbands and wives or any other individuals can hold ownership in equal or unequal shares. For example, three people can hold ownership at different percentages such as 50%, 30%, and 20%. Upon the death of one of the tenants, his/her percentage interest passes to their rightful heirs.

How to Become a Tenant In Common when you are a Joint Tenant

It is possible for joint tenants to become tenants in common. On top of the survivorship rights in a joint tenancy, the joint tenants are supposed to have four utilities commonly known as TTIP (Title, Time, Interest, and Possession). Every owner is required to have the property’s title (the possessors have identical deeds and similar rights of possession). In case one of the owners transfers the property’s interest to another party, he/she will break the joint tenancy; leading to the creation of tenancy in common.

Property Interest Transfer for Tenants in Common Leeds

Every tenant is entitled to use the entire real property in their respective portion whenever they feel like. During any time of the tenancy, the tenants can transfer their property through several means such as gifts, wills, and through sale. It is, however, great to note that the tenant in common is not allowed to transfer the fortune to other tenants in most cases.

Dissolving the Tenancy In Common

It is possible for one of the co-tenants to step out of the joint ownership whenever the need arises. There are various ways to terminate the tenancy in common;

Why you need Lawyers in Tenancy In Common

You are recommended to hire a lawyer in case of a dispute with other tenants. It is also advisable to contact them whenever you want to learn more about the tenancy rules. Some of the stages where an attorney will come in handy in the tenancy include;

If one of the individuals fail to contribute to the payment of any mortgage, the rest will be liable for the advance. It is, therefore, paramount to choose your partners in tenancy in common wisely. Always seek advice from certified real estate lawyers whenever you wish to take any action that is likely to affect the tenancy in common.