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Tenancy in Common (TIC)

  • Introduced in the Law of Property Act 1925 under section 34(2), this is not strictly a rental term.
  • It is applied to rental agreements involving joint tenancies,
  • Few seem to know about it and yet fewer understand it's complexities.
  • Most discover it at the wrong end of the equation; when it is too late in the rare case where it affects you negatively!
  • It is a means of dividing ownership into portions:
    • equal or unequal shares,
    • between two or more people.
  • It is a shared tenancy with fixed shares in ownership.
  • It is used to allocate portions of ownership impacting tax calculations like
  • It also affects distribution of jointly owned property, both:
    • before and
    • after death,
    • affecting survivor(s) and beneficiaries.
  • To understand TiCs it is ideal to compare a Joint tenancy before returning to TiCs.
Published: 11 November 2013 Last Updated: 17 November 2021