IMPORTANT INFORMATION – OWNERSHIP AND PAYMENTS
Please advise in the Questionnaire whether you intend to purchase the property as joint tenants or tenants in common (and, if so, in what proportions) as we will need to specify this on the transfer documents. The effect of joint tenancy ownership is that on the death of one owner their share in the property passes to the surviving joint tenants despite any provision in a will. If you purchase as tenants in common then on the death of a co-owner the share in the Property of that co-owner will pass in accordance with their will or in accordance with the laws of intestacy if they do not have a valid will. Joint tenants can, at any time, give a notice to their co-owners that severs their interest from the joint tenancy. A joint tenant who gives such notice will then hold their share as a tenant in common with any other co-owners remaining as joint tenants between them (if more than one). A joint tenancy is not appropriate where parties wish to ho...