Owning Joint Property
Whether you just bought your first home with your partner or whether you’ve inherited property together with other beneficiaries, it is important that you understand the rules of owning joint property. Our conveyancing solicitors are here to assist you.
Joint property explained
Joint Tenants (also known as beneficial joint tenants):
- Equal share in the ownership of the property.
- Commonly used by couples buying together.
- If one party dies, the property will automatically be given to the other joint tenant.
- Transferring ownership to someone else in your will is not possible.
Tenants in Common
- Suitable if different shares of the property are needed, but can also be used for equal shares
- Suitable if the property is purchased by more than two people.
- If one party dies, the property will not automatically be given to the other owner.
- Each owner can pass on their share of the property to beneficiaries of their choice under their will.
Why Should I Consider Legal Assistance When it Comes to Joint Property?
If you are thinking about buying a property with someone else, we advise you to seek legal assistance to make sure you find the best option for you. After all, buying a property should not be a speedy decision.
Not only can we help you with advice on how to buy a joint property, but we can also help with the following situations:
- Changing ownership in case of a divorce or separation
- Adding a new partner to the ownership
- Changing the shares of tenants in common
- Changing from tenants in common to joint tenants.
We can also help you with more complex situations; such as if a joint owner lost mental capacity and you as the other owner are unable to make an important decision about the property. In this case, we can assist you with applying to the Court of Protection for permission to continue with your decision.
Costs of Legal Advice
At Cartwright King, we want to avoid hidden fees and unexpected costs. That’s why we will provide you with a fixed quote before starting our services. That way, you know exactly what you’ll be paying and what services you’ll receive. Our fees only change if your instructions do.
I’m Not Sure What Kind of Joint Property I Have?
Feel free to contact us. Our solicitors can check your documents and explain your legal situation to you. We might even find an opportunity to improve your current arrangement for you.