Tenants in common??

Thank you kittylester. I was very cross when I realised - as if it isn't confusing enough! I do look it up every time I need to talk about it!

Thank you BBbevan. This is exactly what I wanted to know. We have no qualms in paying for any care we might need in the future, but we don't want our children and grandchildren to miss out on their inheritance because of it. We can at least save half of our estate for them when one of us dies..

nannarose thank you for that.

I help deliver an Alzheimer's Carer's course which includes this info and I began to doubt myself!!

I have to say, I got mixed up on here once as well!

I have to apologise - my post got the 'in common'and the 'joint' the wrong way round. However, my point about looking it up definitively remains:
www.gov.uk/joint-property-ownership

We have done this through our solicitor. A very easy process. E.g. If I die before DH, my half of the house goes to our children. And vice versa.
Thus the value of the whole house cannot be used to calculate expenses for care in the event of DH needing it.
I think that is the idea. But our solicitor stressed it is a legal document and therefore should not be challenged.

helena here’s a short succinct article from Which? about the differences. It’s pitched at younger people buying with friends or relatives, but scroll down to the definitions.
www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/tenants-in-common-vs-joint-tenancy-amlkh0x4ct97

It’s worth remembering that if you do need care, when you’re assessed, the council may regard anything you do in the hope of avoiding fees as deliberate ‘deprivation of assets’ and will carry on regardless.

There are good reasons for being tenants in common but I’m not sure avoiding care home fees is one of them.

I’m willing to be corrected but I think that if you each own half the house a charge can be put against the half that the person in the care home owns. The in situ tenant in common can’t be made to sell and move out but the charge will remain until such time as the house is sold and will then be recouped.

Whereas, as other posters have said, no charge can be made against a home under a joint tenancy.

And Alygrans point too.

Or we could just accept that we may have to pay for the care we need?

Please take advice and be aware of Inheritance Tax levels as this may come into play if you leave your estate to someone other than your spouse.

You can look it up on gov.uk, and save the solicitor's interview to make best use of their expertise once you have decided what you want.
We have always been tenants in common. On either death the house automatically goes to the other 'tenant', and one can't do anything without the involvement of the other.
The usual reason for being 'joint tenants' is if one wants to will their portion away from the other tenant. This usually happens in second marriages where each wants to leave their portion to their children.
I would consider whether there is any reason that you chose to be 'joint tenants' in the first place, and if that still applies. If not, then being 'tenants in common' is usually considered a good step, but that is the point to take legal advice (you don't say who 'advised' you and why you sought their advice)

You are not required to sell the home while the remaining spouse lives there if you are joint tenants either.

It is usual for tenants in common to will their half 'away' but the remaining spouse having a life time interest.

It doesn't necessarily have to be 50/50.

Joint accounts are quite complex as any 'rearrangement' has to be justifiable to the authority when they are doing an assessment.

However, there are definite advantages. I've posted this example before so I apologise.

If a couple have, say, £100k in joint accounts they are assumed to have £50k each.

One has care costing £20k - leaving £80k, which is split 50/50 -so the person not needing care has effectively lost £10k.

If one of you goes into a care home and the other remains at home, you will not be required to sell the house to pay for care -it's exempt while a spouse is living there.

If you do decide, for whatever reason, to change to Tenants in Common, the Land Registry need to be informed and the change recorded on your title deeds.

Some solicitors will give a fixed fee interview (about 30 mins)
They will then outline or advise.
With Tenants in Common.
The house deeds are changed from joint ownership to each individual (husband/wife or partner) being named as shared owner.
50% owned separately.

Instead of leaving each 50% share to the remaining spouse it is usual to name children or grandchildren as the beneficiaries.
(or obviously whoever you wish to inherit tour estate)

It is was very straight forward as far as we were concerned.

We’ve had this form of ownership for some years. Our Wills reflect it. In spite of the simplicity of the principle I’d suggest getting some advice, you may need a new Will. It’s possible the CAB or Age UK could help.