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Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7473
Experience:  BA (Hons), PgDip, Practising Solicitor
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We are just about to buy a new property. The property we live

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We are just about to buy a new property. The property we live in at present is in my name because my original wife died and I remarried. When we buy a new property in joint names would it be best if we became joint owners or should we become joint tenants in common
Submitted: 5 years ago.
Category: UK Law
Expert:  Thomas replied 5 years ago.

Hi,


It really depends on what you intend to happen to each other's estates when you die.

 

If you hold as joint tenants each person's interest in the property would pass to the remaining joint owner by survivorship upon death regardless of any contrary direction made in that persons Will. This gives each joint tenant the security that whilst holding as joint tenants they know they will inherit the house if the other person dies.

 

If you wish for each other's share to pass according to that person's WIll then you should hold as tenants in common. Additionally, if you wish to specify the percentage interests each of you hold (ie. because one persons is contributing more to the financing of the purchase) then you must hold your interests as tenants in common in order for your agreement to have effect. The agreement would usually be evidence in a declaration of trust prepared by your solicitor.

 

Even if you hold as joint tenants this may be severed by either person at any time so that you hold your interest as tenants in common (and therefore interests passing by Wills). You would receive notice of the severance however and this would be a fairly good sign that one party is considering making a Will dealing with the property and therefore requires it to be held as TIC in order to do this.


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Kind regards,


Tom

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