When transferring or purchasing a property for clients one of the key questions we ask them is how they wish to hold the property. Here is what you need to know about Joint Ownership of a Property.
Joint Ownership of a Property overview
There are a few ways in which the property can be held. These are: joint tenants; tenants in common in equal shares or unequal shares; or trustees under a declaration of trust. These options decide what happens in the event that one of the tenants were to pass away.
Joint Tenants
This means that owners have equal rights to the property and in the event an owner dies, their share passes by survivorship to the surviving owner and not by the will of the deceased.
Tenants in Common
The shares of the deceased do not pass by survivorship but will pass either by will or through the intestacy rules.
This is preferable when the buyers or transferees are not spouses or partners. In the event that you currently hold a property as joint tenants, you can sever this by serving notice in writing to the other owner and then you will hold the property as tenants in common.
Tenants in Common in unequal shares
This is applicable where one of the buyers contributes more than the other and stipulates the proportion of shares held by the individual owners.
Declaration of Trust
This document declares that the owners hold the property on trust for the benefit of one or more beneficiaries. These documents are more complex from the above listed options and can be enforceable by the court.
If you have any queries regarding the above, please feel free to call us on 023 8023 5979 or email us at info@lawdit.co.uk.
References for Joint Ownership of a Property
Here are some references for our Joint Ownership of a Property article.
- Declaration of trust (EliteLawSolicitors.CO.UK)
Posts related to Joint Ownership of a Property
Here are some references for our Joint Ownership of a Property article. Please browse them below.
- Splitting A Property Into Two Titles UK – Interesting Facts You Should Know
- Assured Shorthold Tenancy Agreements
- Are restrictive covenants enforceable?
- The Deed Of Surrender: Why You Might Need to Give Up Your Property Rights
- Joint Ownership of a Property
- The Deed Of Surrender: Why You Might Need to Give Up Your Property Rights
