Have just done a Title Search on our negatively geared IP that was supposed to be 99% share for 1 partner & 1% for the other. However title states both parties as joint tenants, despite having told the conveyancer that this was our intention. Should I worry? Does this negate tax returns where the 99/1% ratio has been used?
I’ll be in touch with our solicitor as the conveyancer now seems unobtainable, not returning fax or phone messages!
Many thanks
DavidHi DavidM
IUt shouldn’t negate anything but you will need to make sure that there is some documentary proof as to the 99/1 set up.
Probably a greater concern is that if it isn’t your intention that the other party receive the full property entitilement in the event of your death (which is the effect of joint tenancy) it should be held in the required propotion (ie 99/1) as tenants in common in the appropriate proportions. Regardless of either of your wills, the property will automatically pass to the surviving joint tenant in the event of either one of you dying.
Suggest you contact a solicitor to get the conveyancer to pay for the rectification if you can’t get them to sort it out.
markk
Happy Hunting
http://www.kentscollections.com
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