Should We Buy as Joint Tenants or Tenants in Common?
What is the Difference?
Here, you each own the whole of the property as opposed to owning a share each. If one of you were to die the share of the deceased would automatically be transferred to the remaining owner and vice versa.
Tenants in Common.
In this case you each own a certain share in the property ( not necessarily half each but, for example, a two third share to one owner and a one third share to the other owner). This will depend on a number of matters including the contribution made by each owner to the purchase of the property. On death the deceased owner's share does not transfer to the survivor ( the remaining owner) but will fall into his or her estate. That share is then dealt with under the terms of the deceased's Will or if no Will is left, in accordance with the rules of intestacy.
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The importance of making a Will cannot be overstressed particularly where you hold a property as tenants in common.