In order to be eligible for the offers, you must instruct us using the same email address used during the sign-up for the newsletters.
The email address must remain the same and used to liaise until the matter closure.
You will be eligible for a 10% discount on your total conveyancing costs, once you sign our client care letter.
You will be eligible for a Free Will only when your conveyancing matter file is closed and the bills for the same are cleared.
Though Aristone carry out regular checks to confirm your eligibility, this may not always be practicable or possible and consequently we urge all clients to claim their free Will and 10% discount off Conveyancing fees by emailing the appropriate case handler with a print screen of the news letter subscription.
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Covid-19 business update
Business Updates:*
We’d like to take this opportunity to reassure you and our loyal clients that Aristone are operating as usual following Government guidelines.
We have made changes to ensure that we can continue to provide you with the high quality services you expect from us. Our staff have been briefed and we have put the appropriate measures in place to assist with mitigating any risks. Our contingency plans are robust and have been proved to be effective over the last few weeks, and we continue to deliver our services to you.
When two or more people make the decision to purchase a property together, they may choose to buy the home as ‘joint tenants’ or ‘tenants in common’. But what are the main differences between these two property purchase pathways?
Joint Tenants
Purchasing a home with one or more other people as joint tenants mean that each of you owns the property in its entirety. Or to put it another way, no specific or identifiable share is owned by any of the buyers – you all have an equal stake in the property and take ownership of the whole thing.
When the property is sold at a later date, each joint tenant is entitled to an equal share of the proceeds. Irrespective of how much they contributed by way of mortgage repayments or lump sums, every joint tenant is legally entitled to the same share of the funds raised.
In addition, joint tenants also acknowledge and accept that if one of the tenants dies, the surviving tenants will automatically be allocated their share of the property. This is known as ‘Right of Survivorship’ and supersedes the wishes and instructions outlined in the deceased person’s will.
Hence, you cannot enter into a joint tenancy and leave your home to anyone else in your final will and testament.
Ending a Joint Tenancy
If all parties involved agree to do so, a joint tenancy can be changed to tenants in common. Referred to as a ‘Notice of Severance’, an application must be made to make the necessary changes at the Land Registry, usually calling for qualified legal representation.
Tenants in Common
The biggest difference with tenants in common being that each buyer entering into the agreement is allocated a specific and identifiable share of the property. In most instances, this will be two buyers who are allocated an even 50/50 share, but there are no specific restrictions or limitations with regard to allocation of unequal shares.
For example, three people could purchase a property together – two of which are allocated a share of 40% each, while the third party takes a share of 20% of the property’s value.
Another key difference with tenants in common is that all buyers have the option of leaving their individual shares to the beneficiaries of their choice in their will. In the event that one of the buyers dies without leaving a will, their share of the property is automatically passed to their closest living relative – not the other tenants.
A tenancy in common agreement is therefore considered more flexible than joint tenancy, as it provides the buyers involved with freedom of choice regarding ownership stake and future asset allocation.
Evaluating the Available Options
When considering a property purchase as part of a couple or a group of individuals, it is important to seek expert legal support at the earliest possible stage. Solicitors fees for buying a house vary in accordance with various factors, including the complexity of the transaction. It is therefore crucial to find a conveyancer you can trust, compare conveyancing fees and evaluate all available options, before making your final decision.
For more information on the potential benefits of joint property ownership or to discuss any aspect of the home purchase process in more detail, contact a member of the team at Aristone Solicitors anytime.
A Assured Tenancy The term ‘assured tenancy’ applies when a tenant is granted a certain level of tenure as part of their tenancy agreement. Such agreements are usually issued by a housing association or housing trust. Assured tenancy typically means that for as long as the tenant doesn’t breach any of the rules of the […]
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 […]
When should I instruct my solicitor? It is always advisable to instruct a solicitor before an offer has been accepted, in order to accelerate the transaction. Plus, it is worth remembering that most solicitors operate on a no move no fee basis, which means that you will not pay any more by contacting them at […]
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We are still open for business
Covid-19 business update: We are still open for business
We’d like to take this opportunity to reassure you and our loyal clients that Aristone are operating as usual following Government guidelines.
We have made changes to ensure that we can continue to provide you with the high quality services you expect from us. Our staff have been briefed and we have put the appropriate measures in place to assist with mitigating any risks. Our contingency plans are robust and have been proved to be effective over the last few weeks, and we continue to deliver our services to you.
Brexit
Call us to discuss on below trending topics:
Ankara Agreement Set to End with Brexit on December 31 – read more
Application process and deadline dates for EU Settlement Scheme
Travelling to the EU – What you need to do to travel to Europe from 2021
Continue living and working in the EU – What you need to do to stay in the UK
Other
Call us to discuss about:
Writing a Will: Considerations in Times of Crisis – read more
UK Innovator Visa Overview and Eligibility – read more
What to do when someone has died?
Guidance for visa applicants in the UK and abroad
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Covid-19 business update: We are still open for business
We’d like to take this opportunity to reassure you and our loyal clients that Aristone are operating as usual following Government guidelines.
We have made changes to ensure that we can continue to provide you with the high quality services you expect from us. Our staff have been briefed and we have put the appropriate measures in place to assist with mitigating any risks. Our contingency plans are robust and have been proved to be effective over the last few weeks, and we continue to deliver our services to you.
Learn more about our exclusive services we offer to businesses impacted by Covid-19:
In order to be eligible for the offers, you must instruct us using
the same email address used during the sign- up for the newsletters.
The email address must remain the same and used to liaise until the matter closure.
You will be eligible for a 10% discount on your total conveyancing costs, once you sign our client care letter.
You will be eligible for a Free Will only when your conveyancing matter file is closed and the bills for the same are cleared.
Though Aristone carry out regular checks to confirm your eligibility, this may not always be practicable or possible and consequently we urge all clients to claim their free Will and 10% discount off Conveyancing fees by emailing the appropriate case handler with a print screen of the news letter subscription.
Subscribe to our newsletter for a FREE WILL, and get 10% off Residential conveyancing fees*,