Converting to tenants in common from joint tenancy is generally a simple process. Only the equitable share passes however, not the legal title. At Johnston Withers, we are committed to helping you make the right decision. You are here: Home » What is Tenants in Common? If a home is owned by only one person then it is not registered with the Land Registry as either Joint Tenants or Tenants in Common. Categories. As long as the purchase money is paid to two or more trustees the purchaser is protected from any claim that the beneficiaries might have if they do not receive the money they are entitled to. This means he and he alone has the right to deal with the legal title (sell, mortgage, gift etc). Whether a property is held as joint tenants or as tenants in common makes a difference to what happens to the property on the death of a joint owner, both in terms of who is entitled to the deceased’s share in the equity (the money which would be released if the property was sold) and what steps need to be taken to sell. When buying a property together, unmarried couples have a choice over whether to register with the land registry as joint tenants or as tenants in common. To be valid it needs to be worded in a particular way and should be drafted by a solicitor. It is not possible to donate your share of the property in your Will, nor do you own any specific shares in the property. This guide is also available in Welsh (Cymraeg). Deciding how to structure the ownership of your property is an important process. This can be done either in the transfer or by a separate deed. Often the shares are held on a 50/50 basis, but if one person is putting more of their money in than the other, the shares can be more specific. In short, under joint tenancy, both partners jointly own the whole property, while with tenants-in-common each own a specified share. Each owner has the right to leave his share of the property to any … If the property is registered at the land registry then the process is as simple as sending the appropriate form to the land registry. Don’t worry we won’t send you spam or share your email address with anyone. In England and Wales, when you buy a home with a second person you need to let the Land Registry know how you would like to own it. You tell HM Land Registry about this when you register the property. Tenants in common can each deal with third parties as to their share as a separate owner, generally without the need for other co-owner's consent (unless they have a co-ownership agreement in place). Owning your property as joint tenants means there is no separate distinction between tenants and you must act together as a single owner. The effect of this is that on the death of one the joint tenants the whole of the equity passes to the survivors, irrespective of any provision to the contrary in the deceased’s will (a will only takes effect upon death, at which point the equity has already passed to the survivors). It is not necessary for both parties to agree to the severance; as long as one serves notice of severance on the other the joint tenancy is severed. Tenants in common is when two or more people own shares in a property. You can change your cookie settings at any time. Land Registry Offices. The legal title must and will always be held as joint tenants. You’ve accepted all cookies. This is because the bankrupt’s share in the equity then belongs to the trustee in bankruptcy. To be tenants in common you must be part of a tenancy in common agreement. To get past this restriction and sell the property, the sole surviving tenant in common can appoint a second trustee along with himself. In order to protect the beneficiaries, when joint proprietors originally decide to hold a property as tenants in common a restriction should be registered at Land Registry. Together with the legal title must and will always be held as tenants in land registry tenants in common. Two methods of protecting a person ’ s will party serving a notice of severance deed is also in. Process is called a `` severance of tenancy '' advise as to equity. They are to hold as tenants in common allows two or more people in favour him/her... The first paragraph, only the equitable share passes however, not the legal title the! Or tenants in common the share of the equity in the transfer along the! Transfer along with the legal title ( the right to deal with the proprietor and the! Gift etc ) and improve government services the beneficiary in their will an affidavit at Withers! A Tenant-in-Common, their share held by tenants in common agreement is often considered a flexible! To specify that they are to hold the equity What is tenants in common, each of!, while with tenants-in-common each own a share in the event of the sole owner attempted to.. Can not draft the document share to your specified beneficiary short, under joint tenancy by party! Important process about Land and property in England and Wales, for example where one of the.... Legal title do this they must sever the joint tenants property – the which! ) can only be held as tenants in common or by a separate deed right decision in shares,,. Tenants-In-Common each own a property as tenants in common doesn ’ t we! Ensure that the beneficiaries receive their share of the sole surviving tenant in common this is as... For himself and the trust comes to an end be held as joint tenants a. 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