purchased freehold

[silverdaler]

we have recently purchased the lease of our house and have some forms to complete for the transfer. i am stuck on how to answer one question titled the 'declaration of trust'. i need to put an x in the appropriate box, the options are
a) the transferees are to hold the Property on trust for themselves as joint tenants
b) the transferees are to hold the property on trust for themselves as joint tenants in common in equal shares
c) the transferees are to hold the Property
The house is in joint names, what is the difference between these answers - anyone know please ?

[Buenchico]

I'm not sure what (c) is about. Is there a space, which can be filled in, after 'to hold the property'? If so, I suggest that it's just there to allow for 'non-standard' forms of ownership. (e.g. where the couple own shares in the house which are of different sizes. See below)

Joint tenants don't have a transferable share in the house. i.e. one person can't leave their share in the house in their will. If the owners are joint tenants, when one partner dies the whole of the house automatically becomes the property of the surviving partner.

Tenants in common, however, each own a specified share in the house (which, if they want, they can leave to someone other than their partner in their will). The shares can be equal (which is obviously what box (b) on the form is for) or they can be unequal. (I'm guessing that, if there's a blank space to be filled in, that's what box (c) is for).

Source:
http://www.crossmans.co.uk/services/conveyanci ng/co_ownership.asp

Chris

[buildersmate]

The first two are to do with whether you decide the land to be as joint tenants or tenants in common. Joint tenants hold 50% each. It has implications for inheritance tax planning between couples. Golden Shred is better at these details than me, so I hope he's looking in.

[Ethel]

Buenchico is correct.

Most couples buy property a joint tenants.

Here is a simple explanation of the terms:

http://www.terry.co.uk/cohabitees02.html

[Ethel]

My apologies, buenchico's link is excellent.

[themas]

You need to decide whether you want to own as joint tenants or as tenants in common. If you are not married the latter is a way of ensuring that - if you split up - any disputes about who should get what out of the property are minimised (i.e. you decide at the outset what % each of you would have).

Also, if you are not married, you need to make Wills if you don't already have them because otherwise:
a) If you own as joint tenants the deceased's share of the property would go to the survivor which may not be what you want; or
b) If you own as tenants in common the deceased's share of the property would NOT go to the survivor when you might wish it to do so.

[silverdaler]

you are all brilliant !!!!!!!!!!!!!!!!
i understand completely now how to answer it.
thankyou to you all !!

xx