Joint Tenants v Tenants in Common

You can own a property as either ‘joint tenants’ or ‘tenants in common’.

 

The type of ownership affects what you can do with the property if your relationship with a joint owner breaks down, or if one owner is in need of long term care, declared bankrupt or dies.

 

Joint Tenants:

  • You have equal rights to the whole property

  • The property automatically goes to the other owners if you die

  • You can’t pass on your ownership of the property in your will

Care Costs 

Following first death, should the surviving spouse/ partner need care then the whole estate including the family home would be assessed to pay for the cost of that Care. 

 

Second Marriage

On first death all the assets are then solely owned by the surviving spouse/partner. What if your surviving partner remarries? The inherited estate could be lost to their new spouse & would disinherit your children. 

 

Bankruptcy or Creditors

If the surviving spouse/partner were to be subject to creditor claims or bankruptcy then the inherited estate is fully at risk. 

Tenants In Common:

  • You can own different shares of the property

  • The property doesn’t automatically go to the other owners if you die

  • You can pass on your share of the property in your will

Care Costs 

Should your surviving spouse need care, your 50% of the family home could be passed straight to the children & would not be assessed to pay for the cost of that care.

 

Second Marriage

You can guarantee that your children will benefit from your share of the property. 

 

Bankruptcy or Creditors

Your share of the property would be safe from creditor claims or bankruptcy 

01276 94 20 20

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