Joint Ownership Or Tenants In Common?

[bond]

Buying a property with best friend, we contribute equal amounts to the purchase price. Need to be protected from the house being taken away to pay for care of one or the other, so which would we choose? No children or anyone to leave anything to when one or both dies.

[factor-fiction]

If the other one is living there and house in both names then it can't be taken off you to pay for the other person's care fees, can it?

[pixie373]

They won't evict a co-owner to pay for the care of the other person.

[ladybirder]

If you want to do it, it's Tenants n Common.

[EDDIE51]

What happens if you both need care costs?

[themas]

You may not realise that what happens if one of you dies is also important. If you have a joint tenancy it means the survivor automatically becomes the owner of the whole property. If you have tenancy in common this does not happen - each of you leaves your share (which can be 50:50 or some other % split) in your will to whoever you want to.

I don't think the type of ownership would affect the care fees issue, but am not certain.

[EDDIE51]

I think care home fees will still get you. It just means that the fees are paid by an 'Intrest' on the house whenever it finally is sold , on the death of the second owner for example. They don't take the house off you but when it is eventually sold they get first bite of the cash.

[dancecaller]

I think if the other is over 60 (???) it doesn't count for care fees. And I don't think it matters about type of ownership.
You will presumably use a solicitor to buy yhe house. Ask for full explanation of pros & cons.