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Should We Be Joint Tenants Or Tenants In Common?

Should We Be Joint Tenants Or Tenants In Common?Should we be joint tenants or tenants in common?

Buying a home together is a big step. It can also be done in a couple of ways – and the one you choose can have big consequences later. This makes deciding whether you should be joint tenants or tenants in common very important indeed.

It’s the kind of thing most people don’t want to think about in the heady days of deciding to buy a home together. However, a good way to think of it is as protecting both of you from whatever the future might bring.

So, which is best for you? Let’s do a breakdown of joint tenants vs tenants in common:

What Are Joint Tenants?

If you buy a property as joint tenants, both of you own all of the property. It’s a straight 50-50 split.

For most couples buying property, this can feel like the right choice. It’s also a simpler way of working things out. There’s no need to calculate who owns how much of a percentage.

However, for all its simplicity – and how most couples who feel confident in their relationship won’t see a problem with it – being joint tenants has caused big issues for couples who split up later down the line. This is because:

As Joint Tenants, You Have Equal Ownership

This doesn’t present a problem unless you break up with your partner. If this should happen, you would both be entitled to 50% of the proceeds were you to sell the house. Or, if one of you wanted to buy out the other and continue to live in the property, you would need to cover that 50%.

You might not think this would be a problem. But consider situations where one party feels they contributed more to buying the house or paying the mortgage. If the other party disagrees, this will require court proceedings to work out. Potentially, the court might order the sale of the property.

You can protect yourself with what’s called a Cohabitation> AgreementYou Also Have The Right Of Survivorship

However, if you have a happy relationship until the end, the Right of Survivorship you get as joint tenants means the surviving party inherits full ownership of the property.

It’s not even possible for either party to leave their half of the property to someone else as a legacy in their will. Only after both partners have passed away can the last living partner choose who will inherit their own full ownership of the property.

This can create problems of its own. Imagine a situation where both partners have children from previous relationships. In this instance, the first partner who dies could not name their children as inheritors of the legacy. The second partner, however, could.

What Are Tenants In Common vs Joint Tenants?

If you buy a property as tenants in common, you decide in advance (usually with the assistance of a solicitor) which party will own what percentage of the property.

This can be changed at a later date. For example, if one party gets a higher-paying job and the other stops working. You can also specify more than a simple percentage share of the property – perhaps some land, for instance.

This is the major advantage of buying as tenants in common. Everything is clearly laid out. Its fairness can be judged and even altered at a later date because:

As Tenants In Common, You Have Separate Shares

Decide on a 50-50 split. Go for a 25-75 if your incomes are very weighted in one direction or one person will contribute much more to the deposit. As tenants in common, it’s up to you. If your partnership ever comes to an end, amicably or otherwise, things should be fairly balanced.

Plus, you can write up what is known as a Deed of Trust (or sometimes a Declaration of Trust) in advance. This sets out what should happen if the property is sold or the partnership breaks down.

This makes buying as tenants in common the best choice for friends or family members buying property together.

The only downside of this is that it’s often a bit more complicated than buying as joint tenants. This means you’ll need to get solicitors involved, but this is generally a good idea with major decisions like this anyway.

You Also Have No Rule Of Survivorship

As tenants in common, you have no rule of survivorship. This means that what happens to the shares of the property of one partner after they pass away can be set out in their will. The shares will not automatically pass to the other partner.

It’s another clear separation of tenants in common vs joint tenants and gives you much more flexibility, while also requiring more preparation (and paperwork) in advance.

What Is The Difference Between Joint Tenants And Tenants In Common?

The quickest way to summarise tenants in common vs joint tenants is this:

  • Buy property as joint tenants and you own the property equally. Contributions don’t matter. Your partner inherits it automatically if you were to pass away.
  • Buy property as tenants in common and you can set the proportions of ownership. You can edit these later. You can select who will inherit your share in your will.

As always, consulting your solicitor before making this kind of decision is usually a smart move. They will be able to advise you whether joint tenants or tenants in common is the best way to go for you in particular.

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