What’s the difference between joint tenancy and tenants in common? Conveyancing and Property
Joint tenants mean both owners will own the whole of the property together. Married couples or those in civil partnership often choose this type of ownership.
If you are joint tenants, you cannot leave your share of the property in your will as it will automatically pass to the other owner on your death. This is known as the ‘right of survivorship’.
Tenants in common are slightly different. In this arrangement you will specify what share each owner has in the property, for example, you could state that you own 50% of the property and your partner owns the remaining 50%.
When a property is held in this way and one of the owners dies, their share passes to whoever they have named in their will as the recipient of their share, rather than passing automatically to the other co-owner.
If you have any questions about conveyancing, tenancy and properties, please contact us today.
Conveyancing and Property