Joint Ownership

Where more than one person is purchasing a property, you need to consider how you wish to own the property. There are two types of ownership:

(a) Joint Tenants
Where you own Joint Tenants then, in the event of the death of one owner, the remaining owner or owners receive the deceased’s share automatically. Thus if a husband and wife own the property as Joint Tenants, as is normally the case, and one of them dies, then the survivor automatically becomes the sole owner of the property.

(b) Tenants in Common
This arrangement differs in that if one joint owner dies that owner can leave his or her interest or share in the property to whoever they wish. If joint owners are unmarried or if either of both joint owners have been married before or have commitments to a child of a previous relationship then it is advisable to create a Tenancy in Common. It will also be very important that you review the provisions of any wills that have been made or if none have been made then consideration must be given to the making of wills.