UNDERSTANDING JOINT OWNERSHIP
BY DAVID KEARSLEY
When purchasing property with someone else there are two ways you can hold, or own, the property. They are: tenants in common and joint tenants. Each structure offers distinct legal and financial implications.
Tenants in Common is a flexible form of ownership where each co-owner holds a specific share of the property. These shares can be equal or unequal, generally depending on each party’s contribution to the purchase. If you hold a property as tenants in common, your share of the property can be passed to another, either during your lifetime or in your will.
Joint Tenants, on the other hand, own the property together equally and undivided. This means each co-owner has an identical share and rights to the entire property. The defining feature of joint tenancy is the right of survivorship: when one owner dies, their share automatically passes to the surviving owner(s). Therefore if you own a property with someone as joint tenants, you will not be able to leave the property, or a share of it, to someone in your will.
Choosing the right form of joint ownership depends on your relationship with co-owners and your long-term intentions.
At DPM Legal, we guide clients through the purchase process, helping them navigate their options and make informed decisions.
For more information on conveyancing please contact DPM Legal on 01483 521 597
or visit www.dpmlegal.co.uk
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