Joint Tenants – Tenants in Common

If owners of real property are expressed in the title deeds to hold a property as “joint tenants” then on the death of one of them his or her interest in the property will automatically pass to the survivor (or survivors) regardless of any provisions in the deceased’s person’s Will.

Tenants in Common – If the owners of real property are expressed to hold as “tenants in common” then each party will own a particular share of the property. The title deeds will specify what share of the ownership is held (e.g. equal shares or one-third to one party and two-thirds to the other). Each party can dispose of his or her particular share in the property without the consent of the other party or parties and on death that share will pass according to the terms of his or her Will, if there is no Will following the rules of intestacy. The share will not automatically pass to the other party or parties.

Long term care Will trusts – tenant in common title ownership is necessary to enable a trust in your Will, which leaves a tenant in common half share of a house to a spouse, civil partner or partner for their lifetime or until they go into care & then to children, to preserve half the value of the property for the children. Such a trust with tenant in common ownership can ensure if that is a risk that the entire value of the property is not used in nursing home fees.