Buying
Property Together
A guide to buying property with someone else
Do you want your share of the property to pass to the other
owner in the event of your death?
YES
JOINT TENANTS
■■ As
a joint tenant, you can only leave your share in the property to the co-owner.
■■ It
makes no difference if a Will has been made.
■■ Each co-owner is deemed to own an equal share of the property, whether or not
you have contributed towards its purchase price/mortgage or other payments.
NO
TENANTS IN COMMON IN EQUAL SHARES
■■ In
this case, you can leave your share in the property to someone else.
is important to draft a Will or else the rules of intestacy will be used to
decide who inherits your share in the property.
■■ Each co-owner owns a separate and distinct portion of the value of the property.
■■ It
But what if you plan to have unequal shares in a property you
purchase with someone else?
TENANTS IN COMMON IN UNEQUAL SHARES
SUPPORTED BY A DECLARATION OF TRUST
An increasingly popular option for first time buyers and co-owners who are not married.
You may wish to consider this if one of you is paying more towards: the deposit, the cost
of purchase, mortgage payment/outgoings or home improvements. You may also have
been given money by a family member or want an option to buy your co-owner out.
P4