Buying property together? Understanding ownership options

Joint Tenants vs Tenants in Common

So, you’ve found the dream home, or at least one you can afford, and you’re buying it with someone else. Whether it’s your partner, a friend, or a family member, you will be asked an important question during the process: How do you want to own the property?

There are two ways to own the property: Joint Tenants (which is the default) or Tenants in Common. It sounds technical, but the difference actually matters, especially when one of the owners passes away.

Joint Tenants: Shared Ownership with survivorship rights

If you own the property as Joint Tenants, both of you are seen as owning the whole property together. There aren’t defined shares, you’re in it 100% together. The key thing here is the right of survivorship. That means if one of you dies, the other automatically becomes the full owner of the property. It doesn’t matter what’s in the Will, the property doesn’t go through the estate.

Tenants in Common: Defined shares and control

With Tenants in Common, each person owns a specific share of the property. It could be 50/50, or an uneven share if one person contributed more to the deposit. The main difference? You have full control over your share and can decide what to do with it. That means:

• You can leave it to someone else in your Will
• You can sell it (subject to any agreements)
• And it becomes part of your estate when you pass away.

How to decide what is best for you

There’s no one right answer, it really depends on your situation and what you want to achieve. Think about:

• Who you’re buying with, are you in a relationship or co-investors?
• What should happen to your share if you pass away?
• Do you want your share to go to the other person or your estate?
• Are there kids or others you want to leave your share to?

Why it matters

Deciding how to co-own a property is more than just a legal step, it affects what happens if unexpected events occur. It’s worth having a chat with your lawyer and consider what works best before you sign anything. Once it’s done, changing it can be a bit of a process and will involve additional legal and registration costs.

If you’re buying property with someone else, it pays to get the right advice. Contact our property team for clear, practical guidance.