Did you know where land is owned by two or more people, they each have a simultaneous interest in the land and are known as “co-owners”.
There are two ways in which co-owners may hold property:
- As joint tenants
- As tenants in common
If co-owners hold the property as tenants in common, they each have a distinct beneficial share in the property. It is advisable for the co-owners to indicate expressly the proportions in which they hold the property, rather than leaving this to be implied from the circumstances and the financial contributions made by each co-owner.
If you need any advice regarding the co-ownership of property, please contact our team at Allington Hughes for further support on 01978 291000 or email enquiry@allingtonhughes.co.uk
