When you own a property jointly with another party, it is important that you declare your ‘beneficial interests’ so that it is clear what your intentions are from the outset which should in turn help to avoid future disputes.

The title at Land Registry will show the legal ownership of the property but will not specify the shares in which you own it.

You can hold a property as ‘joint tenants’ which means you both own the whole of the property rather than a specified share, and if one of you should pass away the other would automatically inherit the entirety of the property.

If you hold a property as ‘tenants in common’ this means you both own a notional share. A restriction will be placed on the title at Land Registry to evidence this. If one of you should pass away, that person's share would pass in accordance with their will, and if you don’t have a will, under the rules of intestacy.

You can specify the shares in which you hold the property simply in the transfer deed at the time of your purchase, however if your shares are unequal or if you wish to document a more detailed agreement as to the way in which you own the property, or how sale proceeds should be split in the future, you should consider a formal declaration of trust to set out your intentions.

A joint tenancy may be changed later by either party giving ‘notice’ to the other party. This would have the effect of creating a ‘tenancy in common’ and you would be deemed to own the property in equal shares.

By instructing Sintons you can be confident that we will handle your matter diligently, providing you with all the information you need to understand the process from start to finish.

If you require any further information please feel free to contact us.