JOINT TENANTS OR TENANTS IN COMMON
If you haven’t already done so on the Offer and Acceptance we will ask you to confirm whether you will be purchasing your property as joint tenants or tenants in common.
Briefly the difference is:
Each owner has an undivided interest in the property and upon the death of one of the owners, the survivor(s) automatically become the owners of the deceased owner’s interest.
TENANTS IN COMMON
Each owner has a shareholding in the property and upon the death of one of the owners, that owner’s interest in the property only passes as directed by the Will of the deceased.
In the case of Tenants in Common you will be asked to state what share each person will have e.g. 50/50, 40/60 etc.