Tenants in common in unequal shares

[Brianna]

I have three purchasers buying a property as tenants in common in unequal shares as follows.

purchaser 1 - 50%

purchaser 2 - 25% 

purchaser 3 - 25%

this is required by the incoming mortgagee.

How do i do this on the transfer document? There is no option for tenants in common in unequal shares.

[GeorgePolus · Accepted solution]

Hi Brianna

PEXA most certainly supports multiple tenancy combinations for Transferees.

1. Make sure you have created each Transferee Party that your firm represents in the Participant Screen;
2. Navigate to the Transfer Screen
3. In the tenancy panel select Tenants In Common
4. A share fraction option will appear against each Party your firm represents as Transferee  (Incoming Proprietor).

Please let me @GeorgePolus know how you get on.   If you need more support I will be pleased to have one of our PEXA Direct specialists to help you. 

Regards,

George 

[Susan77]

Hi,

What if we have three parties, 2 parties own equal share as 99% and the third party only owns 1%?

[Karolidis_and_Co]

Hi Sarah

Are the two parties holding the 99% jointly or are they holding 49.5% each?  

If the former, they will be joint tenants of the 99/100 shares (need to select the dropdown when entering this into TOL), with the other party 1/100.

If the latter, I believe you'll need to have 495/100 shares, 495/100 shares, 10/100 shares.

Regards 

Nick