Tenants in Common

[sarkiesmarti]

What is the most secure way to protect my investment in a property to be bought as tenants in common but my partner cannot put his 1/2 share in at the present time. Therefore until such time as he can provide his = share how should I proceed?

[Peter Pedant]

OK where is the money coming from ?

Suppose it is 20k and you are each gonna contribute 10K

At present you are gonna supply all 20k and then he comes up with later, 10k......

well if it is a long time then you are going to have to get the property revalued, suppose it has gone up to 30k then he should have one third equity - of course if he stumps up the money

yeah but suppose it is 10 ,10 and 10 on a joint mortgage, then clearly he will want some security on his mortgage contributions......

to be quite honest - my family couldnt agree on this and so we didnt proceed.....


PP

[MustafaTickl]

If at the Land Registry you have already Registered you and your partner as 50/50 tenants in common then you should now Register a Restriction (formerly called a Charge) on the property for the amount owed to you by your partner. This prevents the property from being sold at any time and under any circumstances until your claim is settled. You can sell the restriction or will it it on to anyone should you wish. It can be lifted earlier if the partner does eventually come up with the money. It is not a DIY job and must be done through a solicitor.