What rights do tenants in common have?
Rights And Responsibilities All tenants in common have an equal right of access to the property, regardless of their ownership amount. If the property produces an income, co-owners are entitled to a percentage of that income equal to their ownership shares.
Is it better to be joint tenants or tenants in common?
It can be an advantage because it simplifies beneficial ownership. There may be lower legal fees because there is less complexity involved and fewer documents are required. There is no joint tenancy agreement. Joint tenants have a simple relationship so there is no need for a document that defines it in detail.
Is it worth doing tenants in common?
Tenants in common can also prevent you having to sell your home if you need to go into long-term care. It is also a way for couples who have put unequal deposits into a property to protect their share in case they split up, this can ease the fears of families gifting deposits to their children.
Can you sever a tenancy in common?
It is possible to sever or break a joint tenancy. Severing a joint tenancy means that you are changing from joint tenants to tenants in common. This means that you and the other owner will go from owning all of the property together, to owning specific shares of the property.
Can a will override tenants in common?
A Yes, you will have to draw up new wills if you decide to own your home as tenants in common by severing your joint tenancy. It is not possible to stipulate in a will who gets property that is jointly owned on the first death of one of the joint tenants.
Do you need grant of probate if tenants in common?
If the property is held as tenants in common, each party owns a distinct share and the rules of survivorship do not apply. Where a property is held as tenants in common, a grant of probate will usually be necessary to transfer the deceased’s share to the beneficiaries.