Tenants in Common

This is one of two main ways of owning property if you are a couple, the other being as joint tenants. Tenancy in common is an arrangement in which two or more people have the right to possess a property but where the ownership is specifically apportioned. In legal terms there is a difference between right of possession and right of ownership.

A couple may own their home as tenants in common on an evenly split 50/50 basis. On the death of one partner, that person's half share of the property passes to his/her heirs and descendants as specified by his/her will (or by the rules of intestacy if there is no will). The share owned by the surviving partner does not change whereas in a joint tenancy sole ownership of the property would devolve onto the survivor.

Ownership as tenants in common will require you to specify the proportion of the property that is owned by each of the parties to the agreement.

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See also: Financial Services, Mortgages