Wallace & Co. Solicitors and Notaries.

  

BUYING IN JOINT NAMES

Q10: What are the two ways a property can be held in joint names?
A10: The two ways are as Joint Tenants or Tenants in Common. There are important differences between the two.

Joint Tenants
Here, the survivor automatically receives the share of the first one to die. This happens even if the first to die makes a will leaving his or her share of the property to someone else. This method is usually chosen by married couples.

Tenants in Common
Here, the survivor does not automatically take the share of the first one to die. Instead they each have a distinct share (usually a half share) in the property which passes with their estate. If they leave a will, it will be dealt with there. If there is no will, it will be dealt with under the intestacy rules.  

Wallace & Co., Solicitors and Notaries. 11a Station Parade, Balham High Road, London, SW12 9AZ (entrance in Ravenstone Street).
Tel: 020 8675 6755. Fax: 020 8675 2001.
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