Tenants in Common
Where co-owners are not married, or have made different contributions to the price, the preferred form of joint ownership will usually be as Tenants-in-Common. This means that the co-owners are regarded in law as having separate and distinct shares.
They may give their shares away by drafting their wishes into a Will; they may even charge or mortgage them to a lender. On the death of a Tenant in Common the share of the deceased co-owner is protected by the requirement that another trustee has to be appointed before the land or property can be sold. If the shares are complex a separate trust deed will usually be drawn up setting the shares out.
What are the benefits to owning your property as Tenants in Common?
You protect your children’s inheritance in the event that the survivor should remarry.
It can help protect you from care home fees if either of you should require care later on in life.