If you decide to buy a property with someone else, we will ask you whether you want to own the property as joint tenants or as tenants in common.
JOINT TENANTS or TENANTS IN COMMON
Joint tenants beneficially own the whole of the property and on the death of one joint tenant, his or her interest automatically passes under the survivorship rules to the surviving joint tenant.
Tenants in common can specify the exact share of the property owned by each tenant.
On the death of a tenant in common, his or her share will not automatically pass to the survivor but will form part of his or her share for the purposes of his or her Will, or the intestacy rules
DECLARATION OF TRUST
A Declaration of Trust is a legal agreement between two or more co-owners of property, which outlines how much each of them have contributed towards the purchase of the property or the mortgage secured against it and how the sale proceeds are to be shared.
Declarations of Trust are useful in circumstances where parents or children have contributed towards a purchase, or in situations where there is a second marriage and each party wishes to ensure that the children from the first marriage inherit their share of the property, rather than their co-owner.
The residential property Lawyers will advise all co-owners of property, regardless of their circumstance, of the options available to them.
If you are not married, we strongly advise you to consider a cohabitation agreement to avoid disputes if you separate at a later date.
For more information on this, please contact out team