In England, there are several ways to jointly hold property, each with its own legal implications. The most common ways are:
1. Joint Tenancy: In a joint tenancy, all owners have equal rights to the property and an equal share in its ownership. If one of the owners dies, their share automatically passes to the surviving joint tenants.
2. Tenancy in Common: In a tenancy in common, each owner holds a distinct and separate share of the property and can dispose of their share as they wish, either during their lifetime or through their will. If one owner dies, their share does not automatically pass to the surviving tenants, but instead passes to the beneficiaries named in their will.
3. Trust: A trust for sale is a form of joint ownership used when a property is held by two or more individuals under the terms of a Trust. The ownership is held subject to the terms of the trust for the benefit of the beneficiaries.
4. Company Ownership: A property can be held by a company, with the ownership of the company being divided among the shareholders. This is a common arrangement for commercial properties.
Each type of joint ownership has its own legal and tax implications, so it's important to consider the pros and cons of each option before deciding how to hold the property. It's also advisable to seek legal advice to ensure that the ownership structure is in line with the wishes of those who will have a share of the property.
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The information contained in this article does not constitute financial advice or recommendation and should not be considered as such. Arrow conveyancing does not offer financial advice and is not regulated by the Financial Conduct Authority (FCA), the authors of this article are not financial advisors and are therefore not authorised to offer financial advice.