Buying property with someone else can be exciting but its important to understand what kind of relationship you should share going forward. There are two main options when you buy property with a partner or another person: joint tenants or tenants in common.
Joint tenants mean that you and other person will own the property jointly, and if one of you passes away the property will automatically pass to the surviving party irrespective of a will. This is known as the ‘right of survivorship’. Going joint tenants typically suits married couples or people in close long-term relationships.
Becoming tenants in common with the other person allows you to divide your interest in the property, for example you may own 60% and the other person may own 40%. Tenants in common can be more typical for taxation reasons rather than personal ones. The main area of difference between tenants in common and joint tenants, is that tenants in common do not have the ‘right of survivorship’. If one of the tenants in common passes away, their will determines what happens to their share of the property.
The conveyancing team at SCL can help you decide what option would be right for you. Contact our office today for more information.