Joint Ownership

Mortgages

If you are purchasing a property in joint names with a mortgage you should remember that your lender will require that the intended legal owners of the property and the borrowers are the same people.

Joint Tenants and Tenants in Common

The decision has to be made whether the property should be bought as Joint Tenants (which means that on the death of either owner, the property will be owned automatically by the survivor).  Or whether the property should be bought as Tenants in Common (which means each owner will own a distinct share).

When a Tenant in Common dies, the share passes by Will or intestacy - the share can be bequeathed by Will to the other Tenant in Common or to anyone else.  For more information see Buying a Property with Someone Else.

Consideration should also be given to your Wills to see whether they should be updated in view of the purchase, or if you have not yet made a Will then we strongly recommend that it is appropriate for you to do so.  Our Private Client team will be happy to assist in either updating your Will or drafting a new Will.  For more information on drafting a Will either talk to your Furley Page contact or go to Wills, Tax and Estate Planning.

 

 

 

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