Joint Property Ownership

Whether you’re buying with a partner, family member, or friend, entering into joint property ownership can be a practical and cost-effective way to get on the property ladder or manage an investment.

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Joint Property Ownership

However, it’s essential to understand your legal position and the long-term implications of co-owning property, especially when things change.

What Is Joint Property Ownership?

Joint property ownership is when two or more people legally own a property together.

There are two main forms of joint ownership in England and Wales and these are joint tenants and tenants in common.

Which form is best for you depends on your relationship with the co-owner, your contribution to the purchase, and your future intentions for the property.

Under a joint tenancy, both parties own the whole property equally and automatically inherit the other’s share if one dies, which can be useful for couples but problematic in blended families or unequal investment situations.

On the other hand, there is the option of tenants in common. This means that each party owns a distinct share of the property, which can be left to someone else in a will and does not pass automatically to the co-owner.

Choosing the right form of ownership is a legal decision with significant financial responsibility and thus, consequences, so it is important to do so with the right legal knowledge behind you.

It affects how the property is sold, inherited, taxed, and protected if relationships break down.

So, while it is never the plan to separate from your co-owning partner, the future simply cannot be predicted, which is why it’s vital to get legal advice before signing a transfer deed or declaration of trust.

Our solicitors provide tailored legal advice to help you structure your ownership properly and to ultimately avoid future disputes.

Whether you’re buying a home for yourself or a buy-to-let we ensure the paperwork reflects your intentions and stands up to scrutiny.

Benefits of Joint Ownership Of A Property

#1 Shared Financial Responsibility

Whether you and your partner are buying your first home or a second, the price can be intimidating, it is a substantial amount of money and thus, of course halving this amount can be a much more attractive option.

This is one of the immediate advantages of joint ownership of property as sharing the financial burden of buying and maintaining a home makes the process a lot less stressful.

The reality is that co-owners can combine their resources to afford a more suitable property and divide ongoing costs such as mortgage repayments, insurance, and the daily essentials,

This makes property ownership more achievable, particularly for first-time buyers.

#2 Tenants in Common Offer Defined Shares

Another significant benefit for those opting for joining property ownership is the ability to formally record and protect each party’s financial contribution.

By owning the property as tenants in common and entering into a declaration of trust, you can specify the exact shares each person holds.

Our team at BBS Law can explain this process more thoroughly as this works to protect unequal deposits or gifts from third parties, such as parents helping a child onto the property ladder.

#3 Clarity and Certainty in Property Ownership

Joint ownership can offer legal clarity in how a property is owned and managed, especially when relationships evolve or circumstances change.

This goes for anybody that may be purchasing with a partner, friend, or family member as joint ownership allows you to put clear legal structures in place.

These can help to define responsibilities and expectations from the outset, so if any disputes do arise, all parties can move forward with confidence that their interests in the property are secure and enforceable.

Why You Need a Solicitor for Joint Property Ownership

While yes, it’s possible to register joint ownership at the Land Registry without legal advice, this can leave you exposed to future downfalls in the legal realm.

Those who have unequal contributions especially should be wary of committing to this without legal advice as if you’re legally unprotected, there is no security should the relationship between owners later break down.

A competent solicitor ensures your interests are properly recorded and protected from the outset.

We provide comprehensive guidance on whether to own the property as joint tenants or tenants in common, and draft bespoke declarations of trust that reflect your financial arrangements.

Without this clarity, ownership disputes can arise later on, often requiring costly legal proceedings to resolve, so why not take steps to prevent it?

We also advise on related matters such as stamp duty, tax implications, and estate planning when setting up joint ownership.

At BBS Law, we work closely with our conveyancing, tax, and private client teams to ensure your joint ownership structure is not only legally sound but also works in line with your long term plans for the future.

How Do You Put a Property into Joint Ownership?

While the process of obtaining a property and moving it to joint ownership is complex, the generalised steps are as follows.

First off, you must update the title at HM Land Registry and ensure the correct legal documents are in place.

Typically, if you’re purchasing a property together, your solicitor will register the ownership type at the time of completion. If you’re adding someone to the title after purchase, this involves a transfer of equity and potentially additional legal steps.

The process includes preparing a transfer deed, submitting the necessary forms to HM Land Registry, and deciding on the legal ownership structure.

However, for existing homeowners, adding a joint owner can also trigger tax implications or lender consent if a mortgage is in place.

Where there’s an intention to hold unequal shares, we draft and register a declaration of trust to protect your financial interests.

This becomes especially important if you’re not married or if one party has contributed significantly more than the other.

This can be incredibly overwhelming, especially for a first time buyer which is precisely why our team of joining property ownership solicitors BBS Law manages the entire process for you, keeping it efficient and taking the weight off your shoulders.

Choose Our Team at BBS Law for Join Property Ownership Solicitors

At BBS Law, our joint property ownership solicitors combine technical skill with a personal, pragmatic approach.

We help individuals, couples, families, and investors across the UK structure property ownership clearly and fairly, so everyone knows where they stand.

Our team includes experts in conveyancing, trusts, family law, and property litigation, so we can handle every angle of joint ownership under one roof.

We work with clients from our offices in Manchester and London, with remote services available nationwide. If you want practical advice, carefully prepared documentation, and responsive support, speak to BBS Law about your joint ownership needs today.

Frequently Asked Questions

How much does it cost to put a property into joint names?

Costs can vary depending on whether you’re buying a property together or adding someone to the title of an existing property. Simple transfers of equity may be lower while more complex cases that take longer could be a little more, however every case is different and we can offer you a better idea of pricing after a consultation on your specific case.

Who pays stamp duty on Shared Ownership?

Stamp Duty Land Tax (SDLT) on Shared Ownership can be paid either in full upfront based on the total market value of the property or in stages as your ownership share increases. The buyer is responsible for paying the SDLT, and your solicitor will advise on the most suitable option based on your circumstances.

Can I take my landlord to the tribunal?

Yes, tenants can take their landlords to the tribunal if they believe that their landlord has acted unfairly or breached the terms of the tenancy agreement. Common issues include disputes over rent increases, service charges, and repairs for example.

Our team at BBS Law can assist you in preparing your case, providing expert advice on your rights and the best course of action to take.

What other legal services do BBS Law offer?

At BBS Law, we offer a huge range of legal services that not only cover property litigation, but also key legal specialisms, including but not limited to:

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Joint Property Ownership

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Joint Property Ownership

What Is Joint Property Ownership?

Benefits of Joint Ownership Of A Property

#1 Shared Financial Responsibility

#2 Tenants in Common Offer Defined Shares

#3 Clarity and Certainty in Property Ownership

Why You Need a Solicitor for Joint Property Ownership

How Do You Put a Property into Joint Ownership?

Choose Our Team at BBS Law for Join Property Ownership Solicitors

Our Property Partners

Frequently Asked Questions

How much does it cost to put a property into joint names?

Who pays stamp duty on Shared Ownership?

Can I take my landlord to the tribunal?

What other legal services do BBS Law offer?

Our Litigation Partners

For proactive, bespoke, commercial solutions, contact us to discuss your needs.

Request a call back

Baum Trading Limited

Hazel James, Managing Director at Brendon International Limited

SR, Client

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