Posted on 28th November 2018 at 15:59
Sounds weird doesn’t it?
“How do you want to own your property?”
“I just want to own it.”
When you purchase a property with someone else it is called “co-ownership” and all cases of co-ownership tend to give rise to a trust of land.
With any form of co-ownership all of the legal co-owners must join in any future disposition of the property. If there was a dispute which when to court, for example, then the Court may make whatever order it sees fit but the Courts will generally take into account why the property was bought.
So, when you buy that little piece of paradise and MG Legal, solicitors in Lancaster, ask you how you want to hold the property you get two choices. You can choose to be either joint tenants or tenants in common and one of the main ways to make this decision is to look at what you would want to happen to the property if you were to pass away.
If you are in a permanent relationship with someone such as marriage or civil partnership and you want the property to pass to your Partner on death then a joint tenancy may be the one for you.
However; it is important to remember that if you decide to hold the property as Joint Tenants, no matter who put more money in to the property, Joint Tenants will always have equal rights in that property.
Tenancy in Common
If you’re in a slightly less permanent relationship (*winks*), business partners or you wish to by able to leave your share of a property to others were you to die (I know this grown up stuff is so cheery!) then Tenancy in Common may be the right option for you. You must be able to expressly state who will own what amount of property. You could still both own 50% shares of the property but if one of you were to pass away then the property would not necessarily pass to the survivor. Rather; the deceased share in the property would pass to either the next of kin or whom ever you state that your share should be left to in your will. If you decide to own property as Tenants in Common then it is highly recommended that you do make a will and we’re not saying that because, MG Legal your “Local Solicitor near me” provide a will making service too. No. It is actually incredibly important to have a Will in place if you decide to hold property as Tenants in Common.
If you wish to discuss your options of ownership in more detail then please contact, MG Legal, conveyancing solicitors via 01995602129 or via firstname.lastname@example.org.
MG Legal - Your Local Solicitors
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