I and my partner own a house as tenants in common.i want to sell my half.?
Can I as one half of 'tenants in common' sell my half of the property while the other person is still living in the property.
- spectrumangel64Lv 49 years agoBest answer
Tenants-in-Common - This means that the co-owners are regarded in law as having separate and distinct shares. They may give their shares away by will, they may even charge or mortgage them to a lender. On death of a Tenant-in-Common the share of the deceased co-owner is protected by the requirement that another trustee has to be appointed before the land or property can be sold. If the shares are complex a separate trust deed will usually be drawn up setting the shares out.
- SimonCLv 79 years ago
Masked Landlord has things the wrong way round.
The simple answer is that as a tenant in common you are theoretically free to sell your share to anyone you choose. However, practically speaking it is highly unlikely that you will find anyone willing to buy half a property that is jointly owned by someone else. And even if you could they would have to be a cash buyer because no mortgage company would lend for this kind of transaction.
(This is actually just as possible if you are a joint tenant. The act of selling, or attempting to sell, severs the joint tenancy and converts it to a tenancy in common).
The complicated answer deals with trusts, which always exist when property is jointly owned. At the moment you and the other person are legal owners and trustees, and you are holding the property for yourselves as beneficial joint tenants. If you sell your half you are selling your beneficial interest, but you will remain a legal owner and trustee. Any mortgage in your name will remain in place. You would still have a say in managing the property, will be responsible for mortgage payments, and as a legal owner if you wanted to sell you would be signing the forms and the money would be paid to you and the other original joint owner. But you would have to pay the appropriate share to the person who bought your beneficial share. If someone did buy, under trust law they would not necessarily gain any benefit from the property because they would not necessarily have any entitlement to live there.
- 3 years ago
You need to see a lawyer, you will also need proof of all your claims. Has you husband paid for anything during the marriage ? All these things will be taken into consideration. The time may arrive when you'll have to decide whether material things are more important than your happiness.
- Anonymous9 years ago
In theory you can sell your half, but there's a limited market. Your partner could buy your share, otherwise it's got to be someone who wants to move in with your partner or (if you sell cheap enough) someone doing it as an investment.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- 9 years ago
If you are tenants in common then you don't own a half. If you were joint tenants, you would, but as TiC you both are regarded as "the tenant" and "the tenant" owns 100%.
- chatsplasLv 79 years ago
To your partner, YES.
To an outsider, maybe.
You have an undivided 1/2 interest in the homeSource(s): real estate investor