Joint Tenancy & Tenancy in Common
There are two ways to purchase a property
Joint tenancy and tenancy in common are the two ways of purchasing a property. Here at Stuart Brown Mortgage Services we available to provide you with guidance on the two methods.
Joint Tenants
Joint tenants are where you and the other buyer have equal rights to the whole property, and both own the whole property jointly. Joint tenancy rights give tenants the equal and undivided legal ownership of a property.
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
Tenancy in common rights or tenants in common rights differs as this arrangement involves two or more people sharing the rights in a property.
You can own different shares of the property.
The property does not 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.
Please click the below link to visit the Gov.uk website for more information on joint tenancy and tenancy in common.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.
Our Testimonials
“Stuart and Sharon have arranged a buy-to-let mortgage, a mortgage for our first home together, a re-mortgage and have now helped us port over our mortgage to a new house. The service they have provided has been consistently amazing, especially as our purchases have never been straight forward. I would recommend them to anyone.” Dominic, Surrey
“Stuart was recommended to me by a friend and I would certainly continue that recommendation. He is very thorough and ensures you know all the options. Stuart makes the process clear and you feel
informed the whole way. Thanks Stuart” Danielle C, Hemel Hempstead
“Stuart is an expert in his field, giving great objective advice after careful and deliberate diagnosis of what we were after. I can confirm he is also a very patient man. Highly recommended!” Alex C, Leighton Buzzard
“Remortgage quickly sorted out today via phone/email. All options explained and discussed and I’m very happy with the outcome. Thoroughly recommend.” Craig B, Sunny Scotland
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