If you are buying property with another person, you must decide whether to hold the land as ‘joint tenants’ or ‘tenants in common’.
‘Joint tenancy’ is where each person owns all of the property jointly. If one owner dies, the property automatically passes to the other(s).
‘Tenants in Common’ is where each party holds a set share of the whole property. Tenants in common can sell their share in the property or leave it to someone in their will.
If you are unsure about the manner of holding to choose for your situation, ask us today!