What does it mean to own a property as joint tenants?
If you own a property as joint tenants, you both (or all) own the whole thing together rather than separate shares.
The key points are:
- You all have equal rights to the whole property
- If one of you passes away, their share automatically goes to the other.
- That automatic transfer happens even if your Will says something different
This “right of survivorship” is why joint tenancy is often used for married couples or long term partners who want everything to pass straight to the other person without fuss.
What does it mean to own as tenants in common?
If you are tenants in common, each owner has their own share in the property. Those shares do not have to be equal.
For example:
- One person might own 60 per cent and the other 40 per cent
- Three siblings might each own a third
- A parent might keep 50 per cent and an adult child 50 per cent
When a tenant in common dies, their share does not automatically pass to the other owners. Instead, it is dealt with under their Will or, if there is no Will, under the intestacy rules.
This can be really useful where people are contributing different amounts, buying with friends, or wanting to leave their share to children from a previous relationship.
Joint tenants v tenants in common - which is better for you?
There is no one right answer. It depends on your situation and what you want to happen if one of you passes away.
Joint tenants might suit you if:
- You are a couple who want everything to pass straight to the other.
- You are not too worried about different contributions to the deposit or mortgage
- Your Wills are straightforward and largely mirror each other
Tenants in common might suit you if:
- You are a blended family and want to protect children from an earlier relationship
- You are buying with a friend or relative and putting in different amounts
- You want the option to leave your share to someone other than the co owner
It is also possible to change from joint tenants to tenants in common later (often called “severing” the joint tenancy) if your circumstances change.
How does your Will fit in with joint tenants v tenants in common?
Whatever you choose, it should line up with your Will.
- With joint tenants, your share goes automatically to the other owner, so your Will only really controls what happens after they have also died.
- With tenants in common, your Will decides who inherits your share, which is why co owners who are tenants in common almost always need a clear, up to date Will.
If you own a property and do not have a Will, or you are not sure how you hold the property, it is worth checking. A quick review now can avoid some very difficult conversations for your family later on.
When should you speak to a solicitor about co-owning a property?
You should think about getting advice if:
- You are about to buy a property with someone else
- Your personal situation has changed, for example after a new relationship or separation
- You are worried that how you own your home does not match what you want your Will to do
At John Fowlers Solicitors in Colchester, our Private Client team can help you understand how you currently own your property, explain the difference between joint tenants v tenants in common in the context of your own family, and put Wills in place that reflect your wishes.
If you would like clear, practical advice on co-owning property or updating your Will, you can find out more about our will writing services and get in touch with the team using the enquiry form on that page.