The key feature of the joint tenancy is the right to survivorship. Unlike a tenancy in common, when one joint tenant dies, that joint tenant’s interest automatically passes to the surviving joint tenants. This is true even if the decedent tenant’s will or trust provides otherwise.
Is it worth doing tenants in common?
Tenants in common can also prevent you having to sell your home if you need to go into long-term care. It is also a way for couples who have put unequal deposits into a property to protect their share in case they split up, this can ease the fears of families gifting deposits to their children.
What’s the difference between joint tenancy and tenants in common?
Joint tenancy and tenancy in common are the two most common classifications of ownership of a property. Whilst both arrangements give each party ownership rights and a share of the property, the main difference between these two kinds of tenancy is the fact that there are different rules concerning the death of one of the tenants.
Can a property be sold under a joint tenancy?
A property owned under a Joint Tenancy would not form part of the deceased’s estate. Although related individuals who own property together normally decide to own it as Joint Tenants, that decision should not be made so quickly or easily.
What happens when you buy a property as a tenant in common?
Buying a property as tenants in common also allows them to leave their share of the property to beneficiaries other than their partner when they die.
What are the pros and cons of joint tenancy?
The key characteristic of a joint tenancy is that you will own the property equally with whoever you are buying it with. This is a popular choice where a property is being purchased together with a relative or someone you’re in a relationship with. It can be an advantage because it simplifies beneficial ownership.
