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Jointly Owned Property and Wills

Land (and that includes houses flats and other dwellings as well as bare land) can be owned in joint names as "tenants in common" or "joint tenants".  The jargon is confusing and bears no relation to the usual meaning of the word "tenancy”.  Basically when land is owned as joint tenants when one owner dies his or her share automatically passes to the other owner or owners no matter what his or her Will says.  The other owner(s) can then deal with the property as they wish without the need for any formalities

When land is owned as tenants in common each owner has a fixed share in the property which will pass under the terms of his or her Will. This method of ownership will often suit unmarried couples or friends or relatives who wish to make a home together but want to ensure that on their deaths their own stake will pass to persons named in their wills rather than to the other owners. Ownership of property as tenants in common may be appropriate for parents assisting children with the purchase of a home.

Ownership as tenants in common is often useful for those embarking on a second marriage because they can then make Wills stipulating that their new spouse will have the right to remain in the property as long as they live or wish but on the survivor’s death each party’s share will pass to their respective families.

Whether you presently own property jointly or are planning to acquire any we can advise you on the legal structures available to protect both your investment and rights in connection with it.

For further information about jointly owned property and making a Will contact our Wills and Succession Planning Team.
 

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Furley Page Solicitors in Kent, London, Canterbury, Chatham & Whitstable
Get in touch on 0845 603 10 57