LGBTQ Community: Legal Options when Buying a Property

The LGBTQ community has faced and still faces various levels of discrimination, even in countries where acceptance and understanding are becoming more widespread. Because of this, it's essential to be aware of the legal options available when buying a property with someone else - including romantic partners, friends or other individuals.

One such option is 'tenants-in-common', which allows two or more people to own a property unequally - meaning each party has security and protection over their vested ownership rights in the event of unforeseen circumstances during the ownership period or at death.

Tenants in common enables couples where one person earns significantly more than the other to split an unequal percentage of the equity in their names; ensuring that everyone gets fair treatment should anything happen unexpectedly. By setting up a deed of trust, those involved will know exactly what will happen should something untoward occur during ownership or at death.

Joint tenants differ from tenants-in-common as both parties own equal shares of the whole property together, while tenants in common own distinct percentages separately. The main advantage to joint tenancy is that if one dies, their share automatically passes on to their partner without incurring inheritance tax. However, if one opts for tenancy in common they can legally protect their share and choose who inherits it upon passing away.

The decision between joint tenancy and tenancy-in-common mostly comes down to personal choice depending on specific circumstances and goals, however it is important to consider any potential inheritance tax implications before making any decisions.

At MJP our Team understands how daunting seeking legal support can be for members of the LGBTQ community so we strive to provide unbiased understanding services that are approachable and straightforward.

For a no obligation quote call us on 01603 877067 today.