Although we naturally hope that people will never “split up” disputes can arise at a later stage as to who is entitled to what from the proceeds of sale of the property resulting in costly legal battles. It is therefore essential that you discuss fully and openly the various joint ownership options open to you BEFORE you have committed yourselves to the purchase/acquisition of the property. Please read the notes below explaining the various options available, choose the relevant option, then sign and return the form to us.

Joint tenants:

This means that if one of the joint owners dies, his/her share of the property (which will be an equal division between all the property owners) automatically goes to the surviving owner(s), even if they have made a will which states that the property will pass to someone else.
Please note that either party can sever the joint tenancy at any time without necessarily advising the other that they are doing so. Bankruptcy of either party will automatically sever the joint tenancy. If the joint tenancy is severed then you will hold the property as tenants in common in equal shares.

Tenants in Common:

This means that if one of the joint owners dies, his/her share will not go automatically to the surviving owner(s). Instead, it will go to whoever they have nominated in their will. If they have not made a will, then the rules of intestacy will determine who inherits the property, which could have an unforeseen impact on the deceased person’s partner, family, and/or dependents. The joint owners should agree the extent of each person’s share of the property, which can be divided in either equal or unequal shares.

Please choose ONE of the options below

As Tenants in Common in UNEQUAL shares in the following percentages:

Please sign and date this form below.