Joint Tenants v Tenants in Common
There are two ways to purchase a property:
- Joint tenants are where you and the other buyer sharing the mortgage have equal rights to the whole property.
- Similarly, if you decide to sell the property, you and the other owner will have an equal share of any profits made.
- You will not be able to pass the ownership of the property in your Will. This is because the ownership automatically goes to the other owner if you pass away.
Tenants in Common
- You can own different shares of the property
- The property doesn’t automatically go to the other owners if you die
- You can pass on your share of the property in your will
Each has pro’s and con’s and it is important to take proper legal advice before deciding which way to proceed.
A link to the Gov.uk website giving more information is here