[ˈtɛnənsi ɪn ˈkɒmən]
Tenancy in Common is a form of property ownership similar to joint ownership but there are different rules about unequal shares and procedures around death.
Tenancy in Common is a type of property ownership in the United Kingdom where two or more people own a property together.
Each tenant in common can own an equal or unequal share in the property while joint tenants can only have equal shares. Their share can be passed to beneficiaries or sold when the person passes away rather than automatically going to the other owner of the property.
Tenancy in Common is a good choice for individuals buying a property for investment purposes, or for individuals that do not have a close relationship but are buying a property together.
The property shares belonging to the first individual that dies can be passed down to beneficiaries tax-free. When the next owner dies, Inheritance Tax might be owed but the share might be below the Inheritance Tax threshold.
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