Moving Home
Tennants in Common
As tenants in common you hold the property in separate shares, which can be equal or unequal. You can sell your share independently of the other co-owner and on your death your share will pass by your Will, if you have one.
A tenancy in common may be the better choice if the contributions to the purchase price are unequal. It is also more flexible in that you are able to pass your share to someone other than your co-owner, which increases the opportunities for tax planning.
In the event that the property is owned in unequal shares, you should ensure that an agreement is in place that sets out those shares and will also make provision as to what will happen in the event of a relationship breakdown or if one co-owner wants to sell their share, but the other does not. The alternative is to ask the Court to decide the outcome. This, however, delays matters and will be very expensive.
For information about our services, general advice or to subscribe to our weekly private client newsletter please contact Rod Smith, head of department for Wills, Trusts and Probate or phone him directly on 020 7288 4732.