Co-ownership of Property

By Caoline Parsons

When you purchase a property with one or more co-owners you will need to decide how you want to own the property between you. There are two ways of owning the property jointly. 

The first one is as ‘Joint Tenants’. Here you own all of the property jointly and equally and should either one of you die the property will automatically pass to the surviving joint tenant.

The second method is as ‘Tenants in Common’. Here you own the equity of the property on a percentage basis e.g. 50/50 or 60/40 or whatever percentage you choose.  This method is of particular benefit if you are contributing different amounts to the purchase.  If either one of you should die whilst you own the property as Tenants in Common the deceased share will pass into their estate and be dealt with under the terms of their Will or the rules of intestacy.  This can be of particular use if either party has children from a previous relationship or dependents they wish to benefit from their share of the property should they die.  It can also be useful if inheritance tax planning is of concern to you. If you choose the Tenants in Common option you should also make a will or revise any existing will to ensure it still adequately covers your wishes.

For more advice on Property Law contact Caroline Parsons on 01722 410664 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

Caroline Parsons