If you’re buying a property with your partner considering how to structure your joint ownership will facilitate a smoother sale in the future, and make sure that you and your partner’s needs are met if one of you dies.

Joint ownership is a way for people to buy and own a property together. There are two ways to jointly own a property: as Joint Tenants or as Tenants in Common. The difference between these ways of owning a property determines what will happen when the property is sold or if one of you dies, so it’s important to decide which type of tenancy you need.

What is Joint Tenancy?

As joint tenants:

• you have equal rights to the whole property
• the property automatically goes to the other owner if you die
• you cannot pass on your ownership of the property in your will

What is Tenancy in Common?

As Tenants in Common:

• you can own different shares of the property
• the property does not automatically go to the other owner if you die
• you can pass on your share of the property in your will

We can help you to decide which type of tenancy is best suited to your circumstances. We can also advise on supplementary ways to protect your interests in the short and long term, whether you’re first-time buyers requiring a Declaration of Trust to protect your individual shares of initial investment into a property or a parent who wants to ensure that children from a previous relationship inherits their share.

Get in touch with our conveyancing team for a free, no obligation quote on 01476 565 295 or email enquiries@jmp-solicitors.com