When purchasing a property jointly, your Conveyancer will need to know how you wish to hold the property in order to register the property accurately at the Land Registry.
What is the difference between ‘Joint Tenants’ and ‘Tenants in common’?
If you buy as “joint tenants” you will have equal and indivisible shares in the Property. If one of you should die, then your share would automatically pass to the survivor no matter what you have provided for in your Will. In general, it is common for a husband and wife or long-term partners who do not have children by a previous marriage to buy as joint tenants.
If you buy as “tenants in common” you will each have separate shares in the Property, and you must confirm to us what your respective shares will be. As tenants in common, if one of you should die then your share in the Property will form part of your estate and will be dealt with in accordance with the provisions of your Will (if you have made one). Unlike a joint tenancy, the share does not automatically pass to the survivor. If the Purchasers are unrelated it is considered unusual and (generally) impudent for them to purchase as joint tenants
Contact our Residential Property Solicitors in Ruislip, Middlesex
To discuss co-ownership if your property in detail, speak to one of our friendly and approachable conveyancing lawyers today.