Tenants in Common

Under this form of ownership you agree and document who owns how much of the property. This can be particularly useful if, for example, you are entering into a second marriage or are a couple just setting up home together, and are both putting money into the property.

Often, in this situation people like to agree who owns how much of the property. This is then agreed between you, and written into a binding document called a Deed of Trust. This can also be useful if parents are putting money into their childrens property to help out with a deposit, but want it recorded in case of problems in the future.

A further benefit of owning your property as Tenants in Common is that it allows you to make a gift of your specific share of the property in your Will. This can be done whilst granting your surviving spouse full rights to live in the property, rent free. The benefit of this is that it prevents your share of the house from being taken into account if the survivor ever needed nursing care, and it also means that if the survivor were to ever remarry, or fall out with your children, they cannot exclude them from inheriting the share of the property you have left to them.

To hold you property as Tenants in Common is therefore a good choice for a lot of people as it means that they have greater control over the property and what happens to it after their death.