When property is owned by two or more people for their own benefit it is expressed to be owned by them either as joint tenants or tenants in common. These are legal terms which may be best described as follows:-
Beneficial Joint Tenants
Where co-owners hold land as beneficial joint tenants whether or not they are married they will be deemed to own the property jointly and on the death of one party the land passes automatically to the survivor irrespective of that persons Will or the intestacy laws. The intestacy laws are applicable where a person dies without having made a Will as a result of which an Act of Parliament deals with the distribution of the Estate.
If therefore it is your intention that the property be bought jointly and you wish the property to pass to your partner on your death then the joint tenancy provisions will, of course, apply.
Tenants in Common
Where property is held by co-owners as tenants in common each party will own a defined share of the property which they will stipulate. By owning the property as tenants in common you are able to reflect the percentages to which you will each be entitled in any future sale of the property reflecting the contribution made by each of you. A Deed of Trust should be drawn up to reflect the arrangement you have agreed.
On the death of one party that deceased persons share in the property would be disposed of under the terms of his Will or (if the person died without having made a Will) under the intestacy laws dealing with disposal i.e. to relatives as laid down by the intestacy laws.
(if you wish to hold the land as tenants in common but for the time being at least wish to leave the property to your partner then all this is required is a simple Will drawn to that effect)
ACTION REQUIRED BY YOU
Please return this form duly completed showing your intention. I require:-