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Where Taxpayers and Advisers Meet

Sharing and tenants in commom

vik2001
Posts:72
Joined:Sat Nov 17, 2012 2:24 am
Sharing and tenants in commom

Postby vik2001 » Sun Jan 26, 2020 12:57 pm

If a property is to be gifted as tenants in common between mother and son and they both live there together. If son get married and wife lives at home does the wife need to be on the deeds as well for sharing arrangement to work?

taxplanet
Posts:30
Joined:Wed Aug 06, 2008 3:51 pm

Re: Sharing and tenants in commom

Postby taxplanet » Wed Feb 05, 2020 7:38 pm

The important principle here is that it is the person making the gift who should pay full consideration for his/her continuing occupation of the property to avoid the GWR rules, and not the others living in it.

For safety therefore it mother should either pay the whole of all the bills relating to the maintenance of the property and the costs of occupying it, council tax, utilities etc or at least one half of all those costs

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Sharing and tenants in commom

Postby maths » Thu Feb 06, 2020 8:06 pm

A reservation of benefit in the gifted share of the property does not arise under the resultant joint ownership so long as the donor (the mother) continues to pay at least 50% of household expenses.If mother continues to pay all the expenses that's fine.

There is no reason for sister post marriage (or pre marriage) to appear on the register/deeds of the property.


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