Please explain, tenants in common or joint ownership.

[portico]

Please explain, tenants in common or joint ownership. We are a married couple buying our second home, which do I choose?

You might want to get this moved to the property topic

If you're married joint tenants is the usual.
If one dies the other gets property.

Tenents in common means you only own a percentage, and other person can leave their share to someone else.

We bought our house as joint tenants before we were married, meaning we each owned a fixed percentage of the house. Once we got married we changed it to joint tenants so that we own equal shares - we were advised to do this by our solicitor.

Joint tenants - the survivor owns all the property on the death of the Other.

TIC - each person owns a share (can still be 50/50) but the share passes according to the deceased's will or rules of intestacy. In situations where it is a first marriage with no stepkids then joint tenants is the usual way property is held.

Will move this, accidentally posted to wrong thread

Sorry - I meant we bought our house originally as tenants in common and then changed to joint tennants!!!!!

Interesting! I thought that once you were married everything was jointly owned, and the choice beteeen joint or tenants in common was only applicable to non married couples.

Talk to the solicitor about it.