Owning a property with another party/parties is very common. There are two approaches: ‘tenants in common’ or ‘joint tenants’. If you hold the interest with the other party(s) as joint tenants, you collectively own 100 per cent of the property together. If you hold the interest with another party as tenants in common, you own a specific percentage of the property only. It is common practice for a husband and wife to hold the interest in the land as joint tenants, so they both own 100 per cent of the property collectively.
If one of the joint tenants dies, their interest in the property automatically transfers to the other joint tenant. By contrast, if the interest is held as tenants in common, the deceased tenant’s interest would form part of their estate.
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