Conveyancing Langport

If you are a sole purchaser of the property, the following will not apply to you as you will hold beneficial interest in the property solely in your name. 

 

However, if you are purchasing the property with another person, you can own the property as “Joint Tenants” or “Tenants in Common”.

​

It is important to understand the difference between the above types of ownership as it will have an impact on what you can do with the property should your relationship with a joint owner breaks down or if one owner passes away. 

 

Joint Tenants (sometimes referred to as "Beneficial Joint Tenants")

​

If the property is owned as Beneficial Joint Tenants (BJT), when one owner passes away, the remaining owner(s) automatically receive the deceased person's share in the property. For instance, if a couple owns the property as BJT and one of them dies, the surviving owner becomes the sole owner of the property without the need for any further legal steps. In the case of a sale during their joint lifetime, the net sale proceeds are divided equally between them.

​

Tenants in Common

​

Another option for co-owners is to hold beneficial interest as Tenants in Common. In this arrangement, if one owner passes away, their share is not automatically transferred to the other owner(s) and will be distributed in accordance to their will or under the laws on intestacy (if no will was made). Therefore, this option allows more flexibility in who you wish to leave your share or even to hold your shares in equal or unequal proportions.  

 

It is important that you confirm as to how you wish to hold the property as early as possible. 

​

​