There are so many important questions in life we seek answers to as humans and at a certain point in our lives, we find answers to these questions or not at all. One of life’s most important questions is how you secure your interest in your property when you purchase a property with a spouse, partner, family or even a friend.  There are two main options buyers choose from when they purchase a property – joint tenants or tenants in common (in the case of multiple buyers).

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With joint tenants, buyers can hold the property in equal shares (50-50) and upon demise of one proprietor, the property automatically transfers to the surviving proprietor. With tenants in common, buyers can hold the property in different percentages according to their financial contribution to the purchase. This is documented by way of a declaration of trust or co-habitation agreement.

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When buyers instruct solicitors to act on a purchase, they initially have a brief idea of which option they prefer and is usually mentioned in their signed instructions. Case-handlers review and discuss contents of the signed instructions and one of the most important points is to establish how clients wish to hold their property.  From experience, some clients pick a particular option because they have heard it from a family member, friend or even had a brief read online. Understanding the advantages and risks of each option will influence the choice to make prior to completion of the purchase as each person’s personal circumstances and financial contribution is an important aspect in protecting your interest and choosing the right option.

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It is important to note that you can choose another option from what you previously selected at the start as it is important to be well informed before committing to a life-changing transaction.

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Our team of conveyancers can assist you in providing you with the necessary information to make an informed decision on which option best suit your needs. Call us on 01489 864 100 or email advice@lawcomm.co.uk