Buying a property together? Don't let the important decisions wait

How will you own your property together?

Joint Tenants or Tenants in Common?

For many years, the most common way for couples to own property jointly was as Joint Tenants. Under this arrangement, if one owner dies, their interest in the property automatically passes to the surviving owner, regardless of what their Will says. This remains a popular choice for many married couples and long-term partners.

However, today's property owners often have more complex circumstances.

You may be:

• Contributing unequal amounts towards the purchase price
• Receiving financial support or gifted deposits from family members
• Buying with a partner to whom you're not married
• Purchasing an investment property
• Looking to protect your individual financial interests

In these situations, owning the property as Tenants in Common may be more appropriate.

Protecting your share

As Tenants in Common, each owner holds a defined share of the property. This share forms part of their estate and can be left to beneficiaries through a Will or under the rules of intestacy.

• Your ownership shares can be recorded:
• Within the transfer document itself, or
• Through a Declaration of Trust

A Declaration of Trust can provide additional protection by setting out:

• Each owner's share of the property
• How unequal contributions should be treated
• How gifted deposits are protected
• What happens if one owner wishes to sell their share
• How proceeds should be divided on a future sale

Expert advice when you need It most

At Thackray Williams, our Residential Real Estate, Family and Private Client teams work closely together to help you make informed decisions about joint property ownership, ensuring your interests are protected from day one.

Because choosing how to own your property can be just as important as choosing the property itself.

Need advice on the best ownership structure for you? Speak to Andrew Ringham or our team today.

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