Understanding Jointly Owned Property
When a property is jointly owned, it means two or more people have legal rights to the property. This can be as joint tenants or as tenants in common. Joint tenants share equal rights to the entire property, while tenants in common each own a specific share.
When deciding whether to buy someone out of a house, it is essential to recognise these terms and their application to your situation.
In the case of joint tenants, all owners have equal rights to the property. If one owner dies, their share of the property automatically goes to the other owners, regardless of what might be stated in a will. This is known as the right of survivorship.
Alternatively, for tenants in common, each owner has a specific share of the property. This Can be sold, given away, or left in a will, independently of the other owners.
If a joint tenant wants to buy out another, they will usually need to change the form of ownership to tenants in common, through a process known as ‘severing the joint tenancy’. It is important to note that this process is complex, meaning that it may require legal advice.