Types of Property Ownership

There are two ways to purchase a property:

Joint Tenants

Joint tenants are where you and the other buyer sharing the mortgage have equal rights tothe whole property. Similarly, 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

Unlike joint tenants who have equal rights to the whole property, tenants in common own different shares of the property therefore if one owner passed away, the other owner would not automatically inherit their share of the property. This enables the owner to choose who to leave their share to in their Will.

Buyers who opt for tenants in common ownership, usually share the mortgage with friends or family and so for added security they seek legal advice to create a Deed of Trust. This will cover what percentage of the property each owner has and what the arrangements would be if one owner decided to sell the property.

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