An issue you may face when selling or making use of a property is finding out someone else could have an interest in your property. And, they may dispute your ownership of the property because of that.
Often, ownership disputes – more specifically, home co-ownership disputes – arise from joint tenancies and tenants in common. So, if you are trying to sort out who actually owns your home and why, it’s important to know what the differences are.
Joint tenancies are, in effect, where every person owns the whole property collectively, with everyone acting as a single owner together. There are a few key things you should know about being a joint tenant:
- Everyone has equal right to the whole property
- You cannot pass ownership of the property in a Will
- You will automatically inherit the property if the other owners die
- To sell the property, all owners must agree to do so
- If you intend to mortgage, this must be done with a joint-mortgage
Tenants in Common
Unlike joint tenancies, with tenants in common each person owns a separate share of the property. These shares do not have to be of equal size. The key things to know about tenants in common are:
- To sell the property, all tenants in common must agree to do so
- Shares of the property can be mortgaged separately, but it is usually easier and simpler to get a joint-mortgage
- You can pass ownership of the property in a Will
- Shares of the property do not automatically go to other owners if you die
Still Have Questions?
If you still have questions and would like some expert advice about co-ownership, please call us on 01925 351 350. Remember, the first 15 minutes of our advice is completely free.
We can also help if you are in dispute about shared ownership of a property. Click here to find out more, or call us to discuss your case.