Joint Ownership Explained
Understanding your options when buying property with others
Two Ways to Own Property Together
1. Joint Tenants
You own the property together as a single owner.
- You both own 100% of the property together
- If one dies, the other automatically inherits
- You can’t leave your share to someone else in a will
- Most common for married couples
2. Tenants in Common
You each own a specific share of the property.
- You can own different percentages (e.g., 70/30)
- You can leave your share to anyone in your will
- No automatic inheritance for the other owner
- Common for friends, investors, or unmarried couples
Which Should You Choose?
Choose Joint Tenants if:
- You’re married or in a civil partnership
- You want the survivor to inherit automatically
- You’re contributing equally
- You want to keep things simple
Choose Tenants in Common if:
- You’re contributing different amounts
- You have children from previous relationships
- You want to leave your share to someone specific
- You’re buying as an investment
Declaration of Trust
If you choose tenants in common, you should have a Declaration of Trust that sets out:
- What percentage each person owns
- How mortgage payments are split
- What happens if someone wants to sell
- How to handle improvements
Cost: £200-500 for a solicitor to prepare