DIR Return Create A Forum - Home
---------------------------------------------------------
FreeTrafficLegalAdvice
HTML https://ftla.createaforum.com
---------------------------------------------------------
*****************************************************
DIR Return to: Non-motoring legal advice
*****************************************************
#Post#: 59007--------------------------------------------------
Your views/advice on 'Tenancy in common (TIC)' agreements
By: markie76 Date: February 20, 2025, 7:02 am
---------------------------------------------------------
Hello,
Just wanted to get some views opinions on a 'Tenancy in common
(TIC)' opportunity on an occupied residential property.
The agreement is for a 1/6th share;
* Sole resident 50%
* Resident's 3 children who hold 1/6th each (in will)
One of the children wants to sell and is offering the share at
40% under estimated value if the house was sold at market price.
This would purely be an investment with no rights of residence
and I understand that none of the other parties involved can
object/veto it.
My question is;
1. Are TIC agreements any good?
2. How much 'legal' work & cost would be involved with it?
(solicitor fee/land registry/contracts required?)
Thanks,
Mark
#Post#: 59044--------------------------------------------------
Re: Your views/advice on 'Tenancy in common (TIC)' agreements
By: andy_foster Date: February 20, 2025, 9:47 am
---------------------------------------------------------
Does the joint tenancy exist or is it in the will?
#Post#: 59078--------------------------------------------------
Re: Your views/advice on 'Tenancy in common (TIC)' agreements
By: markie76 Date: February 20, 2025, 1:13 pm
---------------------------------------------------------
[quote author=andy_foster link=topic=5208.msg59044#msg59044
date=1740066476]
Does the joint tenancy exist or is it in the will?
[/quote]
Hello,
Thanks for your reply.
It is specified in the will and the person selling their share
has identified themselves as having probate and being the
executor.
#Post#: 59080--------------------------------------------------
Re: Your views/advice on 'Tenancy in common (TIC)' agreements
By: andy_foster Date: February 20, 2025, 1:29 pm
---------------------------------------------------------
Presumably, if he has probate (as opposed to identifying as...),
the sole resident is no longer resident? Or alive.
I suggest that you either seek advice from a dentist, or stop
being cryptic. At the current rate, I can forsee this thread
being locked/deleted very soon.
#Post#: 59084--------------------------------------------------
Re: Your views/advice on 'Tenancy in common (TIC)' agreements
By: markie76 Date: February 20, 2025, 1:39 pm
---------------------------------------------------------
[quote author=andy_foster link=topic=5208.msg59080#msg59080
date=1740079797]
Presumably, if he has probate (as opposed to identifying as...),
the sole resident is no longer resident? Or alive.
I suggest that you either seek advice from a dentist, or stop
being cryptic. At the current rate, I can forsee this thread
being locked/deleted very soon.
[/quote]
Whats cryptic?
I've been told, Father passed away and in the will left 50%
share of the house to his wife and 1/6th to each child.
*****************************************************