Ownership

Property can be held in one of two ways, either as joint tenants or tenants in common.

It is common practice for couples to own property as joint tenants as each person owns the property jointly and if one dies the other automatically inherits the whole of the property

Tenants in common is usually used by people buying investment property or if for some reason they want to own the property in equal or unequal shares. If any of the owners should die their share goes to whoever inherits their estate.

Joint tenants and tenants in common can be combined. If there are two couples wanting to buy an investment property and in unequal share then the following could apply:

Couple ‘A’ can buy as joint tenants as to one quarter share and couple ‘B’ as joint tenants as to three quarters share.

You should discuss how you wish to own the property with your CPC.