I AM BUYING MY HOME WITH SOMEONE ELSE – HOW SHOULD WE OWN THE HOME JOINTLY?
THIS IS AN IMPORTANT DECISION THAT YOU NEED TO MAKE IF YOU ARE BUYING A PROPERTY JOINTLY WITH SOMEONE AND YOU ARE RECOMMENDED TO SEEK LEGAL ADVICE.
Where more than one person is buying a property, a decision needs to be made about how they wish to own the property.
Basically there are two methods:-
A.Beneficial Joint Tenants
Where buyers own their properties as Beneficial Joint Tenants then, in the event of the death of one owner, the remaining owner or owners receive the deceased’s share automatically. So if you buy as a Joint Tenant with your partner and your partner dies, then you will automatically become the sole owner of the property.
B.Tenants in Common
Where buyers own their properties as Tenants in Common then, if one owner dies that owner can leave his or her interest or share in the property to whoever they wish. They normally do this in a will. If there is no will, then the interest or share will pass to the deceased’s next of kin.