How Do You Own Your Property?

When you are doing anything of legal significance such as buying a house, getting divorced or making a Will – you will get asked this question.

So, what does it mean? Well, you can own your house with someone else in one of two ways: –

Joint Tenants

Holding your property as Joint Tenants means that you own the property in its entirety together. It also means that on the death of the first of you, the survivor will inherit the property totally. This means that on the death of the survivor of you the whole house will pass in accordance with that persons Will or under the Rules of Intestacy.

Tenants in Common

Holding your property as Tenants in Common means that you still own the property in its entirety together, but you hold a percentage of the property each rather than just as a whole together. Commonly, people would own the property as Tenants in Common in equal shares, so 50:50. So on the death of each party, their respective share in the property would pass in accordance with their Will or the Rules of Intestacy.

Joint tenants or Tenants in Common – What’s best for you?

It may be that if you hold the property as Joint Tenants, it would pass to the people you want it to in any event. But what if it doesn’t? The survivor of you may remarry or have children with someone else, or they may decide to leave everything to a third party. This means that your share in the property could be inherited by someone you would never want to benefit.

Holding a property as Tenants in Common is beneficial for many reasons. Particularly if you own a property with a second spouse when you have children from a previous relationship; if you own as Tenants in Common you can ringfence your share in the property for the benefit of your children and grant your spouse or partner a right to live in the property until they no longer reside there or until they die.

Everyone’s circumstances are different and the benefits of how you own your property can differ on a case-by-case basis. Wilson Browne Solicitors have a dedicated Private Client team who can establish what your circumstances are and what would benefit you and your family.

Speak to an expert today on 0800 088 6004 about how best to protect your interests in your property.