Types of Property Co-Ownership
Property co-ownership is where two or more people jointly own the property; this
could be married couples, friends, a group etc. The ownership is shared equally
amongst the owners.
There are basically two types of co-ownerships
Joint Tenants
In Joint Tenancy all the co-owners have equal share in the ownership of the
property. If one of the Co-owner dies, his share is transferred to the other
joint owner. In this ownership the co-owners cannot sell their share
individually without the other co-owner. This kind of co-ownership could suit
couples or family members trying to invest in a family home.
Tenants in Common
In Tenants in Common ownership, the co-owners can have any percentage of share
in the property and the co-owners have complete control over their share, where
they can sell their percentage individually and can decide what happens to the
share after their death. It is recommended to have signed agreements in type
co-ownership, as if any disagreements raised can be solved legally.
Advantages:
·
Individual shares of the asses are protected
·
Owner able to decide how the share can be
transferred after their death
You should consider consulting with a solicitor to determine which kind of
ownership will suit you.