There are several reasons why you might have co-ownership of a property, from inheritance to purely financial concerns. However one thing remains constant throughout. Whether you have become a trustee, you have bought a property or inherited one, solid legal advice is a necessity to help prevent future problems arising.
‘Co-ownership' is the name given to the legal concept of multiple people sharing the ownership of a property and in this situation it's best to have an unequivocal legal agreement in place. Oratto member lawyers will be able to give you swift, accurate advice on your situation.
There are two main ways of co-owning a property, and each affects what the remaining owner can do should there be a disagreement, or one person dies. These are:
- Joint tenants. This gives equal rights to the whole of the property and ensures that it goes to the other tenant if one dies. It also means that ownership cannot be passed on in a Will.
- Tenants in common.This type of co-ownership means that each person does not automatically have equal rights to the whole of the property, they do not automatically inherit and it's possible to pass on ownership through a Will.
Co-ownership can be a complex situation and it's important to get the right legal advice. Contact Oratto today and we can connect you instantly with a member solicitor experienced in co-ownership property issues.
Call us today or click through to the lawyer profiles on the right-hand-side of this page to find the legal professional you wish to make contact with.
Co-ownership can be tricky, so find the right legal advice today