When two or more people buy a property together, there are two ways in which the property will be held, either as ‘tenants in common’ or ‘joint tenants’. If you co-own your home as tenants in common, each owner owns a specific share of the property. This is usually a 50% share, however you may hold unequal shares.
As you own a separate share in your home you are all entitled to leave your individual share to your chosen beneficiaries in your Will. If you don’t have a Will when you die your share of your property will pass to your nearest living relatives by blood according to the government’s Rules of Intestacy.
The Tenancy in Common agreement is perfect for people who wish to own property with their partner, but wishes to leave their share of the property to someone else when they die. It is also appropriate for people who have children from a previous marriage as they can guarantee that their children will benefit from their estate when they die, provided they have written a Will. As more people find it difficult to get on the property market, and are buying with friends or other relatives, the Tenancy In Common agreement is perfect for them too.
People who are worried about the cost of care home fees can also benefit from this type of ownership as by owning property as tenants in common, should you require full time care in the future, you will only be tested on your share of the property, meaning you can potentially reduce the amount of care fees payable.
We know sometimes the law and all our legal words can be confusing but we will guide you through the process in a quick and simple way protecting you and your family for the future.
If you want further advice on how your property is held. Speak to our conveyancing team who will be happy to help you.
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