This is what you need to know when you co-own property with another person.
There are two types of ownership:
• Joint Tenants
OR
• Tenants in Common
Think about which is best for your circumstances.
BUYING
When You Buy property, you will need to specify which type of co-ownership you want. This is set out in the Transfer Deed (TR1).
Your Conveyancer can also draft a Trust Deed to cover differing contributions and “who gets what” on eventual sale. This makes intentions clear. It is especially helpful if parties separate acrimoniously.
HOME OWNERS
Don’t worry if you think you got it wrong when you purchased. Joint ownership can be changed at any time. Speak to a Conveyancer and get it updated.
WILLS
Property owners should also consider making a Will. Otherwise, your estate passes under intestacy rules. In other words, your home, and assets, may NOT go to those you would wish to benefit.
See also my posts on Trust Deeds & Intestacy for more details.