You must decide which type of joint ownership you want if you buy, inherit or become a trustee of a property with someone else - you can get legal advice from someone who specialises in property.
You can own a property as either ‘joint tenants’ or ‘tenants in common’.
The type of ownership affects what you can do with the property if your relationship with a joint owner breaks down, or if one owner dies.
As joint tenants (sometimes called ‘beneficial joint tenants’):
- you have equal rights to the whole property
- the property automatically goes to the other owners if you die
- you can’t pass on your ownership of the property in your will
Tenants in common
As tenants in common:
- you can own different shares of the property
- the property doesn’t automatically go to the other owners if you die
- you can pass on your share of the property in your will
Change your type of ownership
You can change from being either:
- joint tenants to tenants in common, eg if you divorce or separate and want to leave your share of the property to someone else
- tenants in common to joint tenants, eg if you get married and want to have equal rights to the whole property
There’s no fee to do this.
Sell the property if the other owner has lost mental capacity
You’ll have to apply to the Court of Protection if you want to sell the property but the other owner has lost ‘mental capacity’.