If you decide to jointly own a property, you will choose one of two options: beneficial joint tenants, or tenants in common.
Joint tenants are the most common form of joint ownership and means that all parties own the property in equal shares. If one co-owner dies, their share will pass automatically to the other co-owner(s) and when the final co-owner dies their share will be passed to any named beneficiaries in their will or to their next of kin.
As Tenants in Common, you will have totally separate shares in the property. You may choose to have equal shares, but you can choose to own in unequal proportions (e.g. 60/40, 70/30 etc).
In the event that one co-owner dies, the share does not automatically pass to the other co-owner(s) as it does with joint tenants, instead it goes to any named beneficiaries in their will or to their next of kin.
Our expert residential conveyancing department can advise you on all aspects of joint ownership, meet the team here or call 0191 281 6151 to speak to a member of the team.
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