Tenants in Common

Tenants in common is one of two main ways of owning property if you are a couple, the other being joint tenants. Tenancy in common is an arrangement in which two or more people have the right to possess a property but where the ownership is specifically apportioned.

In legal terms there is a difference between right of possession and right of ownership.

A couple may own their home as tenants in common on a 50/50 basis. On the death of one partner, that person's half share of the property passes to his/her heirs and descendants as specified by his/her will (or under the rules of intestacy if there is no will).

The share owned by the surviving partner does not change whereas in a joint tenancy sole ownership of the property would devolve onto the survivor.

Ownership as tenants in common will require you to specify the proportion of the property that is owned by each of the parties to the agreement.

See also: Moneyextra's Mortgage Centre and Mortgage comparison Service for the latest facts and figures.

Last Updated: May 2007 © Moneyextra.com

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