This is what you need to know when you co-own property with another.
There are two types of ownership:
• Joint Tenants
• Tenants in Common
Think about which is best for your circumstances.
Don’t worry if you think you got it wrong. Joint ownership can be changed at any time.
When You Buy property, you will need to specify which type of co-ownership you want. This is stated 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. This is especially helpful if parties separate acrimoniously.
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 posts on Trust Deeds & Intestacy.
This government article fully explains Joint Ownership & Tenants in Common…