top of page

Joint Property Ownership

If you own your own jointly with another person it can be owned either as Joint Tenants or Tenants in Common.

When owned as Joint Tenants, this means that all the owners have equal rights over the property, and when the one owner dies, their name is removed from the ownership, and the surviving owner automatically owns the house outright. 


By owning your home as Tenants in Common each owner owns their own share. This will always be 50% unless stated otherwise. You can leave you share of the property in your Will, your share doesn't automatically go to the surviving owner. 

Happy Family Portrait
Senior Couple
Grandmother and Granddaughter
Friends On A Walk
Selfie
Financial Analyst
Financial Advisor
A presentation at the office

Joint Tenants v Tenants in Common?

Owning your home as Tenants in Common can protect your share of your home from being lost to Care Fees or through Side-Ways Dis-Inheritance after you pass away. 

 

If you own your home as Tenants in Common, you can each leave your share of your property to your own chosen beneficiaries. For instance, if you and your partner have children from previous relationships, owning your property as Tenants in Common allows you to each leave your own share to your own children.  

If you own your home as Joint Tenants, when the first of you passes away, your house will be owned outright by the surviving owner. This may seem OK as in the first instance you want each other to be able to continue to enjoy your home, however you are putting your estate at risk.

 

As Joint Tenants when the first of you passes away the surviving owner will then be the sole owner of the house. As sole owner, any equity in that property can be used to fund any care fees, potentially leaving no inheritance for your loved ones.  If you own your home as Tenants in Common, you can leave your share of your property in your Will in Trust to your chosen beneficiaries ensuring that it can't be used to fund the care of the surviving owner. 

As Joint Tenants when the first of you passes away the surviving owner will then be the sole owner of the house. If the surviving owner subsequently remarries this could leave your loved ones dis-inherited. Even if the surviving owner just cohabited in the future, their partner could potentially make a claim on their estate, diluting the inheritance of your loved ones.  If you own your home as Tenants in Common, you can leave your share of your property in your Will in Trust to your chosen beneficiaries, meaning you can be safe in the knowledge that your loved ones will benefit irrespective of anything that can happen after you pass away. 

What are the risks of owning my home as Joint Tenants?

When you own your home as Joint Tenants, when the first owner passes away the surviving owner owns the property outright. The surviving owner could have to use the equity in the property to fund their care fees, or they could remarry and leave your loved ones with no inheritance.

What are the benefits of owning my property as tenants in common

Owning your home as tenants in Common allows you to leave your share directly to your own chosen beneficiaries - your share of your home won't be used to fund your partners care fees, and your share of your home won't end up in the wrong hands!

Mrs T.E. London

google-5-stars.png
“When making my will my anxiety levels shot through the roof however I think I struck lucky with FMS Wills and Estate Planning, they made the whole process manageable and I started to feel confident and on top of what I was doing. Nothing was too much and their patience and expertise was amazing. Thank you so much FMS Wills and Estate Planning for the understanding and kindness you communicated throughout this whole process. I would highly recommend this service to everyone. Thank you, thank you, thank you."

Mrs A. Stevenage

google-5-stars.png
"I found Family Money Savers very helpful everything was explained fully and clearly understandable. It was also done in a professional way we would recommend them
Thank you FMS Wills and Estate Planning for your work on our behalf"

Mr & Mrs H. Haverhill

google-5-stars.png
“We did our Wills and Lasting Power of Attorneys with Family Money Savers Ltd they made a very complicated looking job very easy by explaining everything very clearly and being very patient as we took so long to do everything, I highly recommend this company”
bottom of page