You arrived at this page by selecting:Property Ownership — Are you joint owners or Tenants in Common? (YEP 21/02/08)
Many properties are owned by more than one person and these people might or might not be married. How that property is owned does have certain consequences and implications for the remaining person if the other person dies. It is important that you know how you own your property, what those implications are and whether it is the right type of ownership for you. Remember also to make sure your will reflects your wishes.
The two main types of property ownership are joint tenants and tenants in common. Don't be confused by the term 'tenants'. This description really means 'owners' — joint owners and owners in common not tenants as in the type of people who pay rent to live somewhere. This is just legal jargon.
Joint tenants means that each person owns all of the property. So if one person dies then that person no longer owns any of the property, the other one does. On the other hand tenants in common means that each person owns a separate share in the property and they may wish to state what happens to their half of the property if they should die.
Some married couples do decide to own their property as tenants in common and for good reasons. Perhaps they are on their second marriage and want their share to go to their kids from the previous marriage. Or there could be tax benefits to leaving their share to someone else and not their spouse.
If you are joint tenants then you can't leave what you consider to be your half to anyone other than who owns the property jointly with you.
Also be aware that you do have more protection if you are married than if you are not as you have more protection under matrimonial and inheritance laws as well as property law. This means that if you are married and are tenants in common and your spouse states that their share is to go to someone else which leaves you destitute then that can be challenged under inheritance laws. Under the inheritance act you have an obligation to those who are dependent on you.
The bad news is if you are not married and are tenants in common and your spouse wants to leave their half to someone else you could find yourself in some difficulty. If the person who has inherited half of the property wants their half you might find you are forced to sell your home whether you like it or not.
If you are in any doubt how you own your property and what implications this might have then do seek advice from a good solicitor. A good solicitor will explain the differences and tell you how to go about changing your property status if you so wish it as well as your will if necessary to reflect your wishes.
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