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Types of Property Ownership.
Tenants in Common or Joint Tenancy?
Buying a property with a friend or partner, is one of the most exciting things but, with a house purchase there comes some dull bits - sorting the mortgage out, estate agents and whether you should buy the house as joint tenants or tenants in common... never heard of it? Most people haven't, but it's very important and could be one of the biggest mistakes you will make if you ignore it.
As many as four people can buy a house together, and when you buy the house together you have equal rights to the property, the others can't force you out or sell the property without your consent.
When you decide to buy together you should decide what type of tenancy?
So what are they and what are the differences?
Joint Tenancy.
You all own the property and you act with one voice, you will all need to be on the mortgage, and on the deeds, if someone dies then their share passes to the other owners of the property. The majority of property ownership is done as a Joint Tenancy.
Tenants in Common.
As a tenant in common each person owns part of the property which does not need to be equal, if you want to sell your share you can, and if you die your share can pass to a beneficiary.
Whichever one you choose you have rights to live in the property but, when groups buy together, situations can change one party may get a job further away or one decides to get married.
It's important to avoid dispute, and when buying together draw up an agreement that takes care of the big scenarios that can lead to selling the property and situations that you would not be happy with, these can be situations regarding pets, other people sleeping over or partners moving in, detail anything that could cause a dispute talk about it, agree it and sign it.
Everyone involved should then get independent legal advice from the others to ensure their own interest is taken care of.
Mortgages
When buying a property as a group consider using an independent mortgage adviser who has access to the whole mortgage market, as not all mortgage companies offer mortgages for more than two people.
Changing the type of ownership.
If you already own a property and you would like to change from one type of tenancy to another you can, you will need to speak to the land registry and your mortgage company to ensure they are happy with the change and to obtain the necessary forms for the land registry, you can also change from the sole owner of a property to another type of ownership.
In many cases the land registry will be able to help you with any changes but if you do need legal advice a conveyancing solicitor will be able to help.
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