Joint Property Ownership - Legal Advice
House sharing is becoming increasingly popular especially for first time buyers
who find they cannot afford to buy on their own. For these owners as well as unmarried
couples it is important to make an informed decision on the legal arrangements for
the property.
Our solicitors have the right level of expertise to assist you if you are considering
joint home ownership. We will ensure that you are legally covered whatever type
of ownership arrangement you decide upon.
Key Informaton:
Call us now on 0800 634 1628
Email us using our Online Enquiry Form
Types of Joint Property Ownership:
People who have a house together can own it in 2 ways: joint tenancy or tenancy-in-common.
In this context the term tenancy has nothing to do with renting.
Joint tenancy
Here, the co-owners do not have particular shares in the property instead they own
the whole thing together.
When one dies, the property becomes the possession of the other owner(s) regardless
of the deceased’s Will. If one owner wants to sell then the proceeds will be divided
equally. (In exceptional cases the presumption of equal division can be overturned
but that often involves a lengthy legal dispute).
Tenancy-in-common
Each owner has a defined share of the property. This provides safe guards for all
involved and is the better way of owning property together.
Declarations of Trust
If the division is straightforward such as equal shares or 60:40 then a simple Declaration
of Trust is required to set the shares. Each owner can then chose who inherits their
share by making a Will. If the owners wish to sell there can be no challenge to
the share they receive.
A longer Declaration can be provided for more complex calculations of shares. For
example that upon sale each owner receives their deposit back plus interest and
the remaining proceeds are divided according to contributions to the mortgage. This
type of Declaration can also specify how repair costs are to be split, the share
of the mortgage paid by each person, and what happens if one person leaves, has
a change in financial circumstances or wants to sell.
What next?
The Private client team of solicitors advises on the different types of joint ownership
and the best way to give legal protection to both owners. Contact us now on 0800 634 1628
or complete our online enquiry form and we will
call you back.
Conveyancing quote
Our conveyancing team can also help you if you are interested in getting a quick,
no-obligation online
conveyancing quote
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