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Hi there,
If there are multiple owners then section 10 must be filled in, Section 10 has three options:
1. ) "they are to hold the property on trust for themselves as joint tenants"
2. ) "they are to hold the property on trust for themselves as tenants in common in equal shares"
3.) "they are to hold the property on trust:
The first options is: Joint tenants, where the ownership passes to the other owners upon the death of one on the other owners (which is definitely not what we want).
The second option is tenants in common in equal shares: under this selection the property is owned equally by each owner and their share can be passed to the people in their Will (this is what we want)
Option 3 does not specify whether it will be held jointly or in common?
Their lawyer has selected option 3 and then listed the share owned by each owner which in this case are all equal:
3.) "they are to hold the property on trust:
Owner 1 - 25%
Owner 2 - 25%
Owner 3 - 25%
Owner 4 - 25%"
They say that this is 100% equivalent to option 2, "they are to hold the property on trust for themselves as tenants in common in equal shares".
Is there any difference between having the TR1 filled in option 3 with equal shares vs option 2?
thanks
Baz
If there are multiple owners then section 10 must be filled in, Section 10 has three options:
1. ) "they are to hold the property on trust for themselves as joint tenants"
2. ) "they are to hold the property on trust for themselves as tenants in common in equal shares"
3.) "they are to hold the property on trust:
The first options is: Joint tenants, where the ownership passes to the other owners upon the death of one on the other owners (which is definitely not what we want).
The second option is tenants in common in equal shares: under this selection the property is owned equally by each owner and their share can be passed to the people in their Will (this is what we want)
Option 3 does not specify whether it will be held jointly or in common?
Their lawyer has selected option 3 and then listed the share owned by each owner which in this case are all equal:
3.) "they are to hold the property on trust:
Owner 1 - 25%
Owner 2 - 25%
Owner 3 - 25%
Owner 4 - 25%"
They say that this is 100% equivalent to option 2, "they are to hold the property on trust for themselves as tenants in common in equal shares".
Is there any difference between having the TR1 filled in option 3 with equal shares vs option 2?
thanks
Baz
