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Types of Property Ownership
You may intend to buy your property jointly with someone else, such as your husband, wife, civil partner, partner, relative, friend or business associate.
If you do so, you can choose to do this in one of two ways, as either: beneficial joint tenants, or tenants in common.
If you are thinking about buying a property with someone else, you should consult Ormerods for advice on the best type of ownership for you. We set out here some information as an introduction to the subject but you will need to speak to us for formal advice before making a decision.
Beneficial joint tenants
If you own your property as a beneficial joint tenant, this means that it belongs to you and the other owner jointly. You cannot remortgage or sell the property without the agreement of the other owner, or owners if the are more than one.
As a beneficial joint tenant you do not own specific shares in the property and you can not give away a share of the property in a will. If an owner dies his/her share in the property passes automatically to the other owner.
Tenants in common
If you own your property as tenants in common, this means that it belongs to you and the other owner jointly, but that you all also own a specific share of the value of the property.
You can give away, sell or mortgage your share. You can leave your share to whomever you like in your will, as your share of the property does not pass automatically to the other owner.