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When you are buying a property with another person or people – be that a spouse, partner, friends or siblings – it’s important to make sure you think carefully about what kind of joint ownership option will work best for you, and taking into account all your circumstances.
The decision starts with a choice between buying as joint tenants or tenants in common. So, what are the key differences?
This means all owners own the whole of the property equally and do not have quantifiable shares.
On death: If one owner dies their share would be inherited automatically by the surviving owner or owners. Any share or interest in the property held by a ‘joint tenant’ cannot be left by them in their Will, nor will it be affected by the Intestacy Rules if no Will has been made.
On sale (or separation): It is presumed that all owners would share in any sale proceeds equally. This is regardless as to how any contributions to the property has been made.
This means each owner does own a quantifiable share in the property. This could be 50/50 or 90/10 or otherwise the co-owners can decide how their shares should be calculated.
On death: If one owner dies their share would be inherited as provided for in their Will, or if none has been made, under the Intestacy Rules.
On sale (or separation): Each owner would receive their agreed share in the property’s proceeds of sale.
A Declaration of Trust is often advisable for tenants in common – if not an essential requirement. This sets out what the respective shares in the property are and how each person’s shares are to be calculated to reflect their contribution if the property is sold. It is important that this is correct as it may be difficult to change later if circumstances change.
"We really appreciated Rebecca's calm, considered and extremely efficient approach to getting the job done."
"Thanks to Theo and Roze for all their hard work - they were the best team and it was so reassuring to have them on my side."
"We have had an excellent service from Richard, and have already recommended him to friends."
Our specialist Conveyancing Team can advise all joint purchasers on joint ownership issues and prepare any Declaration of Trust.
A property transaction is always a good time to make or review your Will particularly as the type of joint ownership you decide on may affect what you have set out in any previous Will. Our specialist Wills, Probate and Mental Capacity Team can help here.
For couples who don’t wish to marry or enter into a civil partnership, a Cohabitation Agreement is an uncomplicated way of setting out who owns what and what would happen if the relationship was to end. Our specialist Cohabitation Team can advise on this and how couples can protect themselves legally and financially when they buy a property together.
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