How should you own your property: Joint tenants v tenants in common?

When you buy a property, it is a big investment. You want to ensure you can deal with this investment in the way in which you want to, especially if you are buying the property with someone else.

While it may not be something you want to think about, but circumstances change you need to ensure you happy with your property ownership if change does happen.

There are two ways in which you can own a property. This is something you need to indicate when you purchase a property and it will be noted on the property register for all to see.

Joint Tenants

If you own a property as joint tenants, you both own the whole of the property. The property is not split into shares, and if one owner dies, the property is passed straight to the other owner, due to the right of survivorship.

If the property is sold, the proceeds will be split equally between the owners, no matter how much they have actually contributed to the property.
This option is normally used if the owners are married or in a relationship. However, if you wish to recognise how much each person has contributed to the property, the next option is the one for you.

Tenants in common

With this option, there is no right to survivorship. The property is split between the owners, either in equal or unequal shares, depending on what was agreed when the property was bought.

This is a better way of reflecting how much each owner contributed to the property and clearly highlights who owns what.

Each owners share is theirs to do what they want with and can be a part of that persons estate when they pass away.

This is normally used when the owners are not spouses but as explained above, the decision does depend on your circumstances.

If you have any questions, please do not hesitate to contact our property team.

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