|Losing the plot|
There are two types of co-ownership of a property namely joint tenancy and tenancy in common.
With a joint tenancy if:
- you decide to sell you will receive 50% of the net sale proceeds even if you have made unequal contributions to the purchase price and outgoings
- you pass away your share in the property passes automatically to the survivor who then becomes the sole owner of the property. This is irrespective of whether you have made a will.
With a tenancy in common:
- if one of the co-owners dies their share in the property passes according to their will or if there is no will under the intestacy rules.
- when the property is sold, you will receive from the net sale proceeds the percentage which you have agreed with your co-owner
We will advise you on what is best for you in your circumstances. If it is a tenancy in common, we can prepare the necessary document (usually known as a trust deed or declaration of trust). This will set out the respective interests, rights and obligations of the co -owners in the property including when the property can be sold.