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 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.
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