Disney Information Station Logo

Go Back   The DIS Discussion Forums - DISboards.com > Global Neighbours > UK DVC Discussion
Find Hotel Specials & DIScounts
 
facebooktwitterpinterestgoogle plusyoutubeDIS UpdatesDIS email updates
Register Chat FAQ Tickers Search Today's Posts Mark Forums Read





Reply
 
Thread Tools Rate Thread Display Modes
Old 10-07-2008, 09:11 AM   #1
Ann B
Mouseketeer
 
Ann B's Avatar
 
Join Date: Dec 2006
Location: Scotland
Posts: 273

Help - Escrow

Hi
My husband and I are in the process of buying into DVC through The Timeshare Store. We have received some documents from the closing company that asks us to 'indicate your desired tenancy'. We are not sure whether to put community property or joint tennants. Do any of you have any experience of this? Any advice would be greatly appreciated.
Thanks

Ann
__________________


June 1992 Off site Honeymoon, October 2004 POFQ, May 2006 POFQ, June 2007 POFQ, July 2008 POFQ and HRH, 2009 Bought DVC at SSR, July 2010 SSR and HRH, July 2012 SSR and HRH
DW (me) DH DS 19 DS 17
Ann B is offline   Reply With Quote
Old 10-07-2008, 03:28 PM   #2
UKDEB
Found the Tag Fairy's hangout
All whacked up on Scooby Snacks
 
UKDEB's Avatar
 
Join Date: Jul 2000
Location: Gloucester, UK
Posts: 11,982
DISboards Moderator

[I should probably preface this by saying that I've been involved in the field of property law in a professional capacity for 28 years.]

In the UK, property is held either as Joint Tenants or as Tenants in Common and it all revolves around survivorship. In the event of the death of one of you, if your property is held as Joint Tenants, title automatically passes to the survivor. Most married couples will own their homes in this way. If you were to die, your home would automatically transfer to your husband and would not form part of your estate (and would, thus, not be subject to inheritance tax). In the case of Tenants in Common, your share of the property (which can be any proportion agreed at the time of purchase, or subsequently as long as properly conveyed) would form part of your estate upon your death and would be distributed in accordance with your will. This form of ownership is common in second marriages where partners wish to leave their share of their property to their respective offspring.

In the US, the difference between Community Property and Joint Tenants is similar, but not identical. There are implications (both tax and otherwise) in the case of death or divorce. As UK citizens, these implications don't impact you and so, in practical terms, it will make little difference, but if you are a regular married couple, the usual practice would be to opt for Joint Tenants status.

I think I'm right in saying that your documents will need to be notarised. As all Notary Publics in the UK are also Solicitors, I'd suggest seeking advice at the time of having the documents witnessed.
__________________

October 1992 ~ Enclave Suites, I-Drive May 1996 ~ Omni Rosen, I-Drive October 1998 ~ Villa-Clear Creek August 2000 ~ Beach Club/Villa-Sunset Lakes July 2001 ~ Animal Kingdom Lodge/Hard Rock Hotel/Villa-Formosa Gdns Christmas 2001 ~ Villa-Formosa Gardens October 2002 ~ Hard Rock Hotel/Villa-Formosa Gdns May 2003 ~ Portofino Bay/Villa-Cumbrian Lakes January 2004 ~ Ritz-Carlton Grande Lakes/Villa-Formosa Gardens July 2004 ~ Grand Floridian/Portofino Bay/Villa-Formosa Gardens December 2004 ~ Villa-Rolling Hills/Disney Wonder Cruise/BoardWalk Grand Villa/Contemporary April 2005 ~ Washington DC, Shenandoah, Blue Ridge Parkway, Charleston, Savannah, Royal Pacific Resort/Villa-Acadia Estates January 2006 ~ Reunion Resort/Royal Pacific Resort April 2006 ~ Celebration Hotel/NCL Jewel Cruise/Hotel Victor, Miami/Beach Cottage-Disney's Vero Beach October 2006 ~ Reunion Resort/BoardWalk Villa/Rosen Shingle Creek August 2007 ~ Saratoga Springs//Reunion Grande January 2008 ~ Saratoga Springs/Beach Club Villas/Reunion Resort November 2008 ~ BoardWalk Villas/Royal Pacific Resort/Saratoga Springs March 2011 ~ Celebrity Cruise/Veness Towers, a stone's throw from the Magic Kingdom November 2012 ~ Bay Lake Tower/Ritz-Carlton, Sarasota/Ritz-Carlton Destination Club, Jupiter/Saratoga Springs September 2013 ~ Kidani Village/Saratoga Springs May 2014 ~ Beach Club Villas/Wyndham Grand Bonnet Creek/Bay Lake TowerJanuary 2015 ~ Four Seasons Golden Oak/Bay Lake Tower
UKDEB is offline   Reply With Quote
|
The DIS
Register to remove

Join Date: 1997
Location: Orlando, FL
Posts: 1,000,000
Old 10-07-2008, 03:35 PM   #3
Ann B
Mouseketeer
 
Ann B's Avatar
 
Join Date: Dec 2006
Location: Scotland
Posts: 273

Thanks Debbie, that clarifies what we had been able to find by googling!

Ann
__________________


June 1992 Off site Honeymoon, October 2004 POFQ, May 2006 POFQ, June 2007 POFQ, July 2008 POFQ and HRH, 2009 Bought DVC at SSR, July 2010 SSR and HRH, July 2012 SSR and HRH
DW (me) DH DS 19 DS 17
Ann B is offline   Reply With Quote
Old 10-07-2008, 04:15 PM   #4
UKDEB
Found the Tag Fairy's hangout
All whacked up on Scooby Snacks
 
UKDEB's Avatar
 
Join Date: Jul 2000
Location: Gloucester, UK
Posts: 11,982
DISboards Moderator

Ann, the other thing which has suddenly occurred to me is that you are in Scotland and your property laws differ to those in England.
__________________

October 1992 ~ Enclave Suites, I-Drive May 1996 ~ Omni Rosen, I-Drive October 1998 ~ Villa-Clear Creek August 2000 ~ Beach Club/Villa-Sunset Lakes July 2001 ~ Animal Kingdom Lodge/Hard Rock Hotel/Villa-Formosa Gdns Christmas 2001 ~ Villa-Formosa Gardens October 2002 ~ Hard Rock Hotel/Villa-Formosa Gdns May 2003 ~ Portofino Bay/Villa-Cumbrian Lakes January 2004 ~ Ritz-Carlton Grande Lakes/Villa-Formosa Gardens July 2004 ~ Grand Floridian/Portofino Bay/Villa-Formosa Gardens December 2004 ~ Villa-Rolling Hills/Disney Wonder Cruise/BoardWalk Grand Villa/Contemporary April 2005 ~ Washington DC, Shenandoah, Blue Ridge Parkway, Charleston, Savannah, Royal Pacific Resort/Villa-Acadia Estates January 2006 ~ Reunion Resort/Royal Pacific Resort April 2006 ~ Celebration Hotel/NCL Jewel Cruise/Hotel Victor, Miami/Beach Cottage-Disney's Vero Beach October 2006 ~ Reunion Resort/BoardWalk Villa/Rosen Shingle Creek August 2007 ~ Saratoga Springs//Reunion Grande January 2008 ~ Saratoga Springs/Beach Club Villas/Reunion Resort November 2008 ~ BoardWalk Villas/Royal Pacific Resort/Saratoga Springs March 2011 ~ Celebrity Cruise/Veness Towers, a stone's throw from the Magic Kingdom November 2012 ~ Bay Lake Tower/Ritz-Carlton, Sarasota/Ritz-Carlton Destination Club, Jupiter/Saratoga Springs September 2013 ~ Kidani Village/Saratoga Springs May 2014 ~ Beach Club Villas/Wyndham Grand Bonnet Creek/Bay Lake TowerJanuary 2015 ~ Four Seasons Golden Oak/Bay Lake Tower
UKDEB is offline   Reply With Quote
Old 10-07-2008, 04:35 PM   #5
Claire L
Enjoys a good broadway show
Likes a nice cold glass of White Zinfandel
Has been known to have a blonde moment now and then
 
Claire L's Avatar
 
Join Date: Apr 2002
Location: Too far from the Magic in Eastbourne, England
Posts: 10,795

Quote:
Originally Posted by UKDEB View Post
[I should probably preface this by saying that I've been involved in the field of property law in a professional capacity for 28 years.]

I think I'm right in saying that your documents will need to be notarised. As all Notary Publics in the UK are also Solicitors, I'd suggest seeking advice at the time of having the documents witnessed.
Our documents didn't need to be notarised/witnessed, just both signed them and sent them back. In fact there was no place for a witness signature.

Claire
__________________
x Claire x
Aug 90 to Mar 98 - 6 visits to US and 20 states visited, inc 2 trips to WDW and 2 trips to DL Jun 01 - WDW Grosvenor DTD 2wks + TIG St Pete Beach 1wk Jun 02 - WDW WL 2wks Feb 03 - New York 4nts Jun 03 - West Coast 3wks SF to LA & DL for 3 days Oct 04 - WDW AKL 10nts + RPR 2nts Jun 05 - WDW YC 10nts + HRH 4nts + TIG St Pete Beach 1wk! Jun 06 - SF to LV inc Lake Tahoe, Yosemite + the Grand Canyon 3wks Dec 06 - NYE at WDW POFQ 11nts inc RPR 1nt Oct 07 - WDW SSR 2wks inc PBH 1nt May 08 - WDW AKV 15nts inc PBH 1nt + VB 4nts Feb 09 - WDW SSR 1wk + BWI 1wk Jun 09 - Washington DC for 1wk Dec 09 - New York for 6nts Oct 10 - Miami 3nts & WDW AKV KV 13nts inc HRH 1nt Jun 11 - LA to Seattle for 3wks inc 3 days at DLC Oct 12 - WDW AKV KV 2wks inc PBH 1nt Oct 14 - WDW AKV KV 2wks inc PBH 1nt
Claire L is offline   Reply With Quote
Reply



Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

facebooktwitterpinterestgoogle plusyoutubeDIS Updates
GET OUR DIS UPDATES DELIVERED BY EMAIL



All times are GMT -5. The time now is 04:44 AM.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

Copyright © 1997-2014, Werner Technologies, LLC. All Rights Reserved.