Tenants in Common
A way of owning property jointly where each owner has a distinct share that can be left in their will. No automatic right of survivorship.
Tenants in common is a form of property co-ownership where each owner has a defined share that they can deal with independently.
Key Features
- Shares can be unequal (e.g., 60/40, 75/25)
- Each share can be left in a will
- No automatic right of survivorship
- Shares form part of the estate for probate and IHT
- Each owner can sell or mortgage their share (though rare)
When to Use Tenants in Common
- Unequal contributions: Different deposits or payments
- Tax planning: Use both nil-rate bands
- Second marriages: Protect children from first marriage
- Care home fees: Protect one share from care costs
- Unmarried couples: Clear ownership structure
Example
Husband and wife own home as tenants in common (50/50). Husband dies, leaving his 50% to children. Wife can live there (via a life interest trust) but the children's 50% is protected.
Common questions
Is tenants in common the same as joint tenancy?
No. Joint tenancy has automatic survivorship - property passes outside your will. Tenants in common share passes through your will.
Can I change from joint tenancy to tenants in common?
Yes, this is called severance. You give written notice and register the change with the Land Registry.
Does tenants in common increase inheritance tax?
It can actually reduce IHT by allowing use of both partners' nil-rate bands, whereas joint tenancy may waste one.
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