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tenants in common

  • grafter
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01 Sep 12 #353205 by grafter
Topic started by grafter
Hi could someone please explain in simple terms wat tenants in common actualy means. Thanks

  • LittleMrMike
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01 Sep 12 #353237 by LittleMrMike
Reply from LittleMrMike
Where property is jointly owned, the joint owners may be ‘ joint tenants ‘ or ‘ tenants in common ‘. The chances are that, if you are married, it will be the former.
With a joint tenancy, if one joint owner dies, the survivor becomes the sole owner automatically, by operation of law, and independently of the provisions in a will.
Tenancies in common are more often used for business partnerships. Each joint owner ( assuming there are two ) owns one half share which can be disposed of by will.

Solicitors sometimes advise joint owners who are joint tenants to convert it into a tenancy in common by a process known technically as severance. The reason it is done is to cover the risk that one party may die and the other inherits the lot. ( Of course it can work the other way too ! ).

Incidentally '' joint tenants '' or '' tenants in common '' has nothing at all to do with renting.

LMM

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