What happens to property in joint names?

Husbands and wives are usually, but not always, "joint tenants". This means that when one of them dies the other one automatically becomes the owner of the property. It also means that a joint tenant cannot make a gift in a Will of his or her share of the property.

Business partners are usually, but not always, "tenants in common". This means that when one of them dies, the interest in the property forms part of the Estate. It also means that a "tenant in common" can make a gift in a Will of his or her share of the property.

A joint tenancy can easily be converted into a tenancy in common by one of the co-owners giving a written notice to the other saying that the joint tenancy has been "severed" and that they are now tenants in common. Such a notice should be placed with the deeds. If you don't know whether you are joint tenants or tenants in common, you should consult the solicitor employed in the purchase.