How property can be owned between joint owners and the consequences

There are two ways in which property can be owned jointly:-

a. Joint Tenancy:

The effect of a joint tenancy is that on the death of one of the owners the property automatically belongs to the survivor, without the need for Probate or any other formalities.  This form of ownership is usually adopted by husband and wife who want to ensure that the survivor of them gets the entirety of the house on the death of one of them.  A Joint Tenancy can be converted into a Tenancy in Common at any time.

b. Tenancy in Common:

In this case the property is notionally split into shares, and each of the joint owners can dispose of his or her share by Will. 
Examples of the uses of Tenancy in Common are:-

1. Where each party wants to give his or her share in the property to someone other than the joint proprietor.
2. Where, although the owners might be quite happy for their shares to go to the other on the death of one of them, they have contributed in unequal shares to the cost of the property and wish to preserve the differential
3. Where one of the parties might want to allow his or her share in the property to be used by the survivor for life only
4. As part of an overall Inheritance Tax saving scheme.

It should be noted that, in the event of a matrimonial dispute, a property settlement ordered by the Court would not necessarily accord with the shares in which the parties own the property.

If no Will is made then the Insolvency rules will apply. Nearest and dearest take your estate!!  This may not be in accordance with your wishes but this is the Law.

Needless to say the information about joint ownership contained in this note is in broad general terms.  We will be pleased to give you more specific advice if you need it.