Tenancy in common is a type of co-ownership arrangement in which two or more people own a property together, but have distinct and separate ownership interests. With tenancy in common, each owner has the right to use and occupy the property, and can sell or transfer their ownership interest to another party without the consent of the other owners.
In the context of property, tenancy in common is often used when two or more people want to purchase a property together but do not want to be joint tenants.
Joint tenancy requires all co-owners to have equal ownership interests and to have the right of survivorship, meaning that if one owner dies, their ownership interest passes to the surviving owner or owners. Tenancy in common allows each owner to have a distinct and separate ownership interest, and to pass their interest on to a different party if they choose.
It’s important to seek legal advice on the suitability of structuring property ownership in this way. It is often chosen when friends buy a property together.
