In UK property purchase in spite of the word ‘tenants’, this has nothing to do with renting the property. It’s all to do with what happens if one of the property owner dies.
Joint tenants – If your names are written on the deeds as ‘joint tenants’ then if one of you dies the other one (the survivor) gets the whole of the property straight away.
Tenants in common – If your names are written on the deeds as ‘tenants in common’ then if one of you dies, the will is examined to see what should happen to their share. If there is no will, there are rules about this and they should be followed. Tenants in common is usually used where either party has children by a previous relationship and wants to make sure that on their death, their share of the house goes to their children.
If one person is putting more than the other then as tenants in common you can hold it in unequal shares for example 70 per cent to one, 30 per cent to the other. However in this case you should consider drawing up a Trust Deed as well to protect your interest. It is best to seek professional and legal advice.
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