Should I register my property in Joint Tenancy or Tenancy in Common?
If you’re buying a property together with your spouse, normally Joint Tenancy is the way to go because there are no Probate Fees payable upon the death of a co-owner (since the property would automatically transfer to the survivor by the “right of survivorship”).
If you’re buying a property together with your sibling, business partner, or even a spouse in a blended family context, it might be most beneficial to register it as Tenancy in Common. First, this would allow the registration of a different proportion of the ownership (e.g. 99% – 1%, 60% – 40%, etc.). Secondly, upon the death of a tenant in common, his/her share in the property would be transferred to his/her estate through his/her Will (if he/she has one) or according to the intestate rules (if he/she dies without a Will), but that would trigger the Probate fees.
So, based on your specific situation, either of these options could work for you.
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