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It is important to understand that there are two different ways to own a property jointly -

• A Joint Tenancy Agreement is primarily used by married or committed couples.  Two (or more) people own a property together and wish the share of anyone who dies to pass automatically to the survivor(s).
• A Tenancy in Common is used in most other circumstances and means that if one of the Tenants in Common dies, his or her rights pass to their next of kin or whoever is nominated in their will.

Under a Tenancy in Common, it is possible to own a property in any agreed proportion.

A Tenancy in Common can help with Estate or Inheritance Tax planning.

Property owned by a married couple will generally be assumed to be owned under a Joint Tenancy unless there is evidence to the contrary.  Property owned by a people who are not married to each other will generally be assumed to be owned as Tenant in Common unless there is evidence to the contrary, but it would be unwise to rely on that assumption without advice.

See also Inheritance Tax, Inheritance Tax Plan, Inheritance Tax Trap, Interest in Possession, Giving

Reminder - disclaimer applies. Please feedback your comments.  This page was last modified 28 September 2002.