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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7626
Experience:  UK solicitor holding an England and Wales practising Certificate.
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What is each individuals commitment when buying a property

Customer Question

What is each individual's commitment when buying a property under "Owners In Common" rules.
Submitted: 4 years ago.
Category: Property Law
Expert:  Thomas replied 4 years ago.
Hi,

Could you give me some more details please?

Tom
Customer: replied 4 years ago.

My wife changed the deeds from "Joint Ownership" to "Owners in Common". What will be the difference.

Expert:  Thomas replied 4 years ago.
Hi

Thanks for your patience.

There are two ways of holding interests in a property “joint tenants” or “tenants in common”.

If held as joint tenants then the shares are regarded as indistinguishable from eachother. This also means that upon death of the first of the owners to die, their share passes automatically to the other joint owner.

If held as tenants in common then the shares are regarded as independently held. This means that you can hold them in different percentages (ie. one party has 60% of the property, the other 40% for examples. It also means that upon death of either of the owners their interest does NOT pass to the remaining joint owner. Instead the share would pass according to the deceased’s Will or (if they did not have a Will) under the intestacy rules.


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Tom