What is the best way to buy our first UK home? Emma Gillies answers the Financial Times reader's question from a US connected couple
Private Client Partner, Emma Gillies (née White), answers a reader's question for the Financial Times entitled 'What is the best way to buy our first UK home?'.
The question seeks to understand whether holding the property as 'joint tenants' or 'tenants in common' is more suitable for a married couple, where one is British and the other American.
In her response, Emma explains the difference between the two options; highlighting that 'as joint tenants, you own the whole property together, whereas tenants in common each own a separate and distinct share of the property, which may or may not be equal'.
Although Emma acknowledges that there can be practical advantages to owning property as joint tenants, she goes on to recommend owning the property as tenants in common, as it provides greater flexibility for estate planning. However, she emphasises that US tax advice should also be sought by the reader.
When acquiring UK property, US purchasers should seek advice on the broader tax and legal implications. In this report, Forsters’ partners along with specialists in the industry, share their insights on the current UK market for US buyers and how best to navigate the specific risks for US-connected clients.