Joint Tenants or Tenants in Common?

Should you be registered as tenants in common or joint tenants when you purchase a property?  What exactly is the difference between the two and why does it matter?

It is particularly important in the context of estate planning to understand the difference and chose the right form of ownership for you.

When you are making a Will, you need to know whether you own your property:

  • As joint tenants: it does not form part of your estate and passes to the survivor by survivorship,
  • As Tenants in Common: this needs to be addressed in your Will as your share in the property forms part of your estate and is distributed as per the directions in your Will.

How you are registered can have serious implications on who inherits your property in future

At Collins & May, we have years of experience behind us and will give you advice so you can make sure your property will be inherited by the person or people you choose.

We can help you understand:

  • What is tenants in common ownership,
  • What a joint tenancy is,
  • What effect this can have on your estate if you pass away.

We will give you advice as to the right form of ownership for you depending on your circumstances:

  • If you have children from a previous relationship and purchasing with a new partner,
  • If you are purchasing with friends or extended family,
  • If you are making different cash contributions towards the purchase.

What form of ownership is right for me?

Get the right advice! Give us a call so you can make an informed decision on the right form of ownership that achieves the outcome you want.