Property Law: Joint Tenants vs Tenants in Common
TGB Senior Associate Adam Osborne and Associate Eric Metcalf answer a common legal question.
What Does “Joint Tenants” and “Tenants in Common” Mean?
The terms “joint tenants” and “tenants in common” are used to refer to two different types of joint ownership of property.
Usually, these terms relate to real estate but can apply to any property.
Joint Tenancy
In a “joint tenancy”, when one of the joint owners dies their interest in the property effectively disappears. The other owner (or owners) automatically becomes the complete owner. This process is known as “survivorship”. There is no interest in the property which passes to the deceased person’s estate.
Tenancy in Common
In a “tenancy in common”, when one owner dies their interest is preserved and passes to their deceased estate. It is then dealt with by their Will if they have one, or if not then via the laws of intestacy.
What Happens Legally When an Owner Dies?
Where the property ownership is shown on an official register (e.g. land or shares), some formalities must be followed when an owner dies to alter the register and reflect that change.
For a joint tenancy, the formalities are relatively simple. Essentially it is only necessary to prove the fact of death, and the register should then be changed.
For a tenancy in common, the formalities are more complex. The process may involve obtaining a Grant of Probate for the deceased owner or a Grant of Letters of Administration if they had no Will. That is always the case for real estate.
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TGB Lawyers’ Property Law team can help you with Joint Tenancy severance, or any other enquiries relating to Real Estate & Property transactions, including Conveyancing. Talk to an experienced Property lawyer today.
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