Skip to Content

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.


Tenants in Common.
Image Description
related news
recent articles
Flying Freehold

What is a Flying Freehold and should it matter?..

link

Appointing a Solicitor

Guide to some of the factors people use when appointing a Solicitor...

Help to buy ISAs

Help to buy ISAs - The new, 'Help to buy', ISA is designed to help first time buyers save for a deposit for their first home, with the inducement of an extra 25..

Property Ownership.

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 purch..

Government to introduce New Homes Ombudsman

The government announces a New Homes Ombudsman to protect consume..

link

Will property conveyancing change.

The Government push to improve conveyancing...

Conveyancing | The Contracts.

Whilst most people hate the paperwork side of things it is important to go through the contract with your conveyancing solicitor...

Lifetime Mortgage.

Mortgages for life, may soon be an option...

Selling a house, what do I need to declare?

As part of selling a house or flat in England and Wales you must..

link

Neighbour Disputes | Trees and Hedges.

Neighbour Disputes can escalate to affect your life and enjoyment of your property, if handled in the wrong way they can cause tension and in some cases argumen..

Choosing the right mortgage rate.

Fixed Rates and Discounted Rates on a Mortgage - One of the decisions you will make concerning your property, is what type of Mortgage you should choose, short..

Leasehold v Freehold.

The biggest difference is whether you own your home or you have a landlord, on a freehold property you own your home, with a leasehold property you will have a..

Image Description
Is there anything wrong with this page? - any amendments will receive accreditation - email us

Solicitors.com are not a firm of solicitors, and any content on the site should not be used in substitute for obtaining Legal advice from a solicitor regulated in the UK, Solicitors.com recommends that you contact a firm of solicitors to discuss your individual legal requirement. Whilst we strive to bring you accurate up to date content, all content on this site is not legal advice and is not guaranteed to be correct. Use of this site does not create a client relationship.

Information by area of law
Back to top