In today’s society most people tend to buy properties together. There are two main types of co-ownership, a joint-tenancy and a tenancy in common. Both serve different purposes and so it is important that you enter into the correct arrangement for you.
In a joint-tenancy the parties are treated as being owners of the whole property together; they do not own a particular share in the property. In order for a joint-tenancy to exist the owners must have an equal right to possess the whole property and are jointly liable for it. In addition they must have obtained their legal ownership from the same document at the same time. Joint-tenants benefit from survivorship. This concept states that where one co-owner dies his estate automatically passes to the remaining joint-tenant. Practically this means no inheritance tax has to be paid.
In a tenancy in common each owner holds a particular share in the property. The amount each owns often reflects the initial contributions towards the purchase price, however does not have to. In order for this type of co-ownership to subsist each must have the right to enjoy the whole property. As tenants in common are treated as individuals the concept of survivorship does not apply upon one owner’s death. Instead their share will pass to those named in their will or through the intestacy rules leaving the other tenant legally unaffected.
Venetia Lawson-Cruttenden [solicitor] is fantastic! She is always so thorough and efficient and gives you the
DG Law supported us through a very difficult contractual negotiation to achieve exactly the outcome
We were very pleased with the way that DG Law helped us on our transaction
Thanks for all the help from DG Law in pulling together our somewhat complicated loan.
DG Law resolved a difficult lease renewal for us and their services were excellent –
I needed understanding and experienced legal advice. DG Law provided an excellent service at a
My experience was second to none – the service was professional and personal. DG Law
DG Law always step up to the plate on our transactions and handle the various
DG Law was recommended to me and my partner and I received excellent advice –
Having worked with DG Law a number/couple of times now, I have been really impressed
DG Law were constantly at hand, and kept pro-active throughout the thorny process of getting
DG Law organised and ran a very useful session to help to make our team’s
DG Law came recommended to me and whilst setting up a new business it was
We were recommended three lawyers to handle the sale of our seven year old successful
We live by our core values of transparency, flexibility and being honourable – every day
We put ourselves in your shoes so we understand your problems from the inside out
We deliver our advice in a way that is easy to understand