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Date Posted:
27-Aug-2013 14:54:46
Ownership types

Sole ownership
This refers to any property owned by one person. When this person dies, it will be inherited by a person in the Will or under the laws of intestacy. This can be done by completing an AS1 and AP1 to transfer the property into their name. Alternatively, the proceeds of the sale of the house can be distributed to beneficiaries.

Joint Ownership
When two or more people own a property it is referred to as ‘joint ownership’. This is a legal arrangement and can either be in the form of ‘joint tenants’ or ‘tenants in common’. Although the term ‘tenants’ is used this has nothing to do with renting.
Subtopic: Joint tenants
‘Joint tenants’ are two or more people who own a property together. When one owner dies their share automatically passes to the surviving investor. This is not affected by the Will or laws of intestacy.

Tenants in common
Two or more people who own a property together, but each party holds separate shares. Unlike joint tenants, when one person dies their share does not automatically go to the other tenant. The deceased’s part of the estate will pass to a named beneficiary in the Will or if there isn’t a Will by the laws of intestacy. In order to transfer ownership of the share the forms AS1 and AP1 are used.

If there is any confusion about whether a property is owned under a ‘joint tenant’ or ‘tenants in common’ agreement it is possible to check through HM Land Registry for £4.
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