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Joint Ownership of Property

Over the past few years, property prices in Bristol have skyrocketed, pushing the dream of owning property out of reach for many people. The price of renting a home has also risen over the years, and income hasn't followed, making that comfortable life elusive.

While the changes in the market have made it impossible to own property through conventional methods, there are creative ways you can use to make your dream of owning property more achievable.

What is Joint Ownership of Property?

Joint ownership of property is where two and no more than four people can be the legal owners of property under joint property ownership.

Under this arrangement, each owner is responsible for the payments of any joint loans made on the property. The joint owners make all decisions about the property.

There are two main types of joint ownership which you should consider if you're seriously considering owning a house with the help of other people.

  1. Tenants in Common

Tenants in common is a unique type of ownership that allows you to own different shares of the property. What makes this method unique is that you can leave your share of the property in your will to someone outside of joint ownership.

However, you will need to report it when you register your property with the HM Land Registry. You will also need to apply through the Court of Protection to sell your property if one of the joint owners loses their mental capacity.

  1. Joint Tenants

The second type of joint property ownership is joint tenants, which is more traditionally used in marriages than in joint property ownership with more than two people. However, it is still a viable option for up to four buyers.

Joint tenant agreements allow you to leave a specific share of your ownership in your will, and in the event of your death, the share can go to the other owners.

How a Joint Ownership Process Works

Expectedly, the joint ownership process works slightly differently from the conventional method of owning property.

With this ownership process, two or more people have equal rights and obligations to the property they own together until one of the partners passes away.

When deceased, the owner's interests pass to the survivors without probate. For this reason, it's often referred to as joint tenancy.

As you would expect, this process comes with various legal requirements, which is why you should consider seeking the help of a qualified conveyance solicitor in Bristol. TTS Solicitors is here to help!