Co-Ownership of a Property
Many couples make the decision to purchase a property jointly, in order to share both the benefits and responsibilities of home ownership equally. In which case, additional decisions will need to be made regarding ownership of the property and fulfilment of the Land Registry requirements.
At Aristone Solicitors, we can help you understand both the advantages and disadvantages of property co-ownership. Whether planning and purchasing a property with a partner or looking to dissolve a co-ownership agreement, we’re standing by with the support you need.
The Difference Between ‘Joint Tenants’ and ‘Tenants in Common’
These are the two primary types of co-ownership, which are governed by a somewhat different terms and conditions.
If you purchase a property as joint tenants, both parties are granted an equal and indivisible share of the property. In the event that one of the joint tenants dies, the other automatically gains sole ownership of the property. Irrespective of the wishes of the deceased party in their will, ownership of the property in full will still be transferred to their surviving partner. Joint tenancy is therefore a popular choice among married couples and long-term partners, who intend to reside together for life.
With Tenants in Common, there’s the option of specifying the exact share of the property each buyer will take ownership of. In addition, each buyer will also specify who should take ownership of their share of the property, in the event of their death. All of which must be carefully considered ahead of time, in order to be included in the purchase agreement. Ownership of the property does not automatically pass to the survivor in the event of the other buyer’s death.
Addressing Co-Ownership Disputes
There are many reasons why disputes and disagreements occur between the co-owners of a residential property. Some of the most common of which include the following:
- One of the co-owners excludes the other owner from key decision-making processes regarding the property, effectively ‘taking over’ ownership.
- One or both of the owners find themselves in a position where they can no longer afford the property.
- A simple conflict of personalities and priorities makes ongoing cohabitation difficult or impossible.
- The decision is made by one of the owners to sell the property, though the other owner wishes to keep it.
Issues like these can be highly sensitive and can make those involved feel trapped and helpless. Nevertheless, it is often possible to address even the most complex co-ownership issues with simple mediation, without court involvement.
For more information or to discuss your requirements in more detail, contact a member of the team at Aristone Solicitors anytime.
Specialist Residential Legal Support in Luton
The importance of carefully considering every available option when purchasing a property of any kind cannot be overstated. Whatever your immediate and long-term objectives, you’ll benefit from the support and representation of an experienced legal team.
At Aristone Solicitors, we’re standing by to provide you with the help and advice you need to safeguard your financial future. Call anytime to book your obligation-free consultation, or drop us an e-mail anytime and we’ll get back to you as soon as possible.