When you own property jointly, you can hold it as either Joint Tenants or Tenants in Common. There are important differences between the two. You should make sure that you have the most appropriate type to avoid problems in the future.
Contact us now to get advice on your joint property ownership.
Joint Tenants
Typically, a couple buy a property together as Joint Tenants. This means:
- You both own the full value of the property
- You have equal rights to the property
- The property automatically passes to the other owner when you pass away
- You cannot transfer your ownership of the property in your Will
Joint tenancy often causes problems, as you cannot use your Will to specify who you want to inherit your property share.
Tenants in Common
Owning property as Tenants in Common means that you each have a separate share. It also means:
- You can each own different percentages, e.g. 30% and 70%
- The property does not pass to the other owner automatically after the first death
- You can each pass on your share in your Will
Changing from Joint Tenants to Tenants in Common
We recommend changing your ownership from Joint Tenants to Tenants in Common to protect your property and your legacy. This legal process is called a Severance of Tenancy – it can be done by a couple jointly, or by one party unilaterally, as long as they notify the other in writing. This can be useful if your partner has lost capacity.
If you want to ensure that your property passes to the people you choose, or define what percentage you have in a joint ownership, a Severance of Tenancy is what you need.
How we can help
We will advise you on the best course of action for your circumstances. After checking what type of property ownership you have at the Land Registry, we will assist you with a Severance of Tenancy to change your property ownership to Tenants in Common, if necessary. We can also provide updated Wills, Property Protection Trusts and Family Protection Trusts to ensure that your home passes on to the people you choose.
