Co-Ownership
Conveyancing
Co-Ownership
There are two ways in which you can own a property:
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One is called a joint tenancy, which means that both purchasers own the property and that on the death of one the survivor will automatically inherit the whole property.
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The other is known as a tenancy in common which means that the deceased co-owners interest in the property does not pass to the survivor automatically and instead passes in accordance with the terms of the will.
If you own as joint tenants and you are contributing towards the property in unequal shares and the property is sold during your lifetimes then the sale proceeds will be divided equally between you. This means that the person who is paying more than half is effectively making a gift of a part of the sale proceeds to the other co-owner when the house is sold. This can however be dealt with by way of a declaration of trust whereby we can set out each owners respective shares in the property.
As a firm we always recommend that if you own the property as Tenants in Common you make Wills to deal with your interest in the property.
If you would like to discuss how we might help you, please:
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call any of our office numbers listed at the bottom of this page;
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contact one of our specialists direct by clicking on their name below; or
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complete our enquiry form
We would be pleased to provide you with an indication of our fees by email or post on request.
Members of our team specialising in this area:
