What is owning property as Tenants In Common
Owning property in this way, each person has a share in the property. That share can be split equally (for example 50/50), or it can be split unequally (for example 75/25). You may choose to unequally split the share in the property if, for example, one person has contributed more towards the home buy than the other person.
This way also allows each person to prepare a Will deciding to leave their share in the property to someone other than the surviving co-owner. For example, leaving the share to children from a previous relationship.
You would need a formal document known as a “Declaration of Trust” in order to register your interests in the property under a Tenancy in Common. We are able to prepare this for you and there is an additional fee for this work.”
Please note that all information provided in this FAQ is for general reference only. It should not be used as a sole or definitive source, nor is it intended to be used for decision making in place of appropriate advice from a qualified legal professional. As such the information is provided as-is and Brevis cannot accept any responsibility or liability for any loss or damage resulting from any errors or ommission in, or any reliance on, information contained in this guide.