Frequently asked Questions – Conveyancing
Joint Tenants and Tenants in Common – do you know the difference?
When property is purchased by more than one person, ownership can be in two forms as either Joint Tenants or Tenants in Common. Joint Tenants as the name implies means that the owners are entitled to an equal share of the property whereas Tenants in Common allows ownership in either equal or unequal shares. The Right of Survivorship does not apply to a Tenancy in Common, so on the death of one owner, the remaining owner or owners do not automatically take that share as they would in a Joint Tenancy. This has the benefit that the share of the deceased owner can then pass through their will or intestacy and if required be held on a lifetime trust for another or pass straight to beneficiaries.
If you have any questions regarding Joint Tenants or Tenants in Common please contact;
Sarah Clarke firstname.lastname@example.org
Kelly Harrison email@example.com
or alternatively ring our office on 01625 429131 where we will be happy to answer any questions you have.