The Difference Between Joint Tenants & Tenants In Common

When purchasing a property in joint names there is two different ways in which the property can be owned.

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Joint Tenancy: This means both owners own the whole of the beneficial interest so they both own the full property. This means that if either of you die, the other party will automatically be passed the remaining beneficial interest. This is a common way to own a property for those who are purchasing with their spouses or civil partners who wish for the property to be passed to their other half on death.

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Tenancy In Common: This means the owners of the property each have their own proportionate share. This is normally split 50% 50% between joint owners but it can also be split into different proportions. This means that if one of the owners die, their proportionate share of the property is passed to the beneficiairies in their will. Tenants in Common tends to be used if the joint owner wishes to leave their share of the interest in the property to someone other than the other co-owner. It may also be used via different proportionate shares if one of the owners has put more deposit into the property than the other co owner.

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Your solicitors can help discuss the different options in more detail to you and they may advise you to speak to an independant financial adviser if your circumstances are complex.