Joint Property Ownership - Everything you need to know

09 February 2022

There has been a rise in recent years of friends clubbing together and buying a property. This contrasts with most joint mortgage applications coming from couples buying a home together. When buying a property with someone else, you will need to choose the right co-ownership structure for you.

 

Tenancy in common and joint tenancy are the two main property ownership structures in the UK and each has pro’s and con’s you need to consider. 

 

Here’s some key details to think about!

 

What’s joint tenancy?

 

Joint tenancy is the most common option of ownership for buyers purchasing a home with someone else, such as a partner or friend.

 

All buyers own the property equally and have the same rights over the home under joint tenancy, regardless of how much they contribute to things like mortgage payments, bills and maintenance.

 

Joint tenants also have what’s known as right of survivorship, which means when one person passes away, the ownership of the property automatically passes to the surviving owner. When the surviving partner passes away, they are free to leave the property to whomever they choose.

 

What are tenants in common?

 

A tenancy in common is another form of joint ownership, however, it sees each buyer own a specific share in the property. This could be an equal 50/50 split, or shares can be divided up in a different way. 

 

The ownership split can also be changed at any point should the circumstances of the owners change.

 

An example of this would be if one owner secures a new job and is able to pay more towards the mortgage, they may wish to have their share increased. With tenancies in common, an owner’s share can pass to a separate beneficiary rather than the other owner upon death.

 

The differences between joint tenancy and tenancy in common?

 

Joint tenancies at a glance

 

 

Tenancy in common at a glance

 

 

Can joint ownership be changed?

 

Joint tenancies can be changed to a tenancy in common and vice versa.

 

Joint tenancy vs tenants in common

 

There are both pro’s and con’s to joint tenancies and tenancies in common and you will need to discuss these with the person you are buying with.

 

The benefits of a joint tenancy

 

 

Things to consider

 

 

The benefits of a tenancy in common

 

 

Things to consider

 

2022

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2021

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2020

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2019

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2018

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2017

FESTIVE GREETINGS FROM ALL AT THE TSPC 2017-12-19 PUTTING DUNDEE ON THE MAP 2017-11-15 TIME TO BRING YOUR HOME TO THE MARKET 2017-11-01 AUTUMN IS A GOOD SEASON FOR SELLING 2017-10-17 HIGH PROFILE OPTION FOR TOP PROPERTIES 2017-10-09 MARKETING YOUR PROPERTY TO THE MAX 2017-08-21 DO YOU LIKE TO BE BESIDE THE SEA? 2017-06-15 TIME LOOMING FOR A RE-MORTGAGE 2017-06-09 HAS THERE BEEN A BETTER TIME FOR A HOUSE SALE 2017-05-26 TIME TO PUT YOUR FLAT ON THE MARKET 2017-05-04

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