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Surveys Searches Planning permission Building Regulations Listed buildings Conservation areas Tree preservation Types of ownership Asbestos Radon Double glazing New properties |
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Types of Ownership Shared ownership Shared ownership is a scheme, usually done through a Housing Association, which allows you to purchase a percentage of a property and have sole occupancy rights (meaning that you do not have to share your home). In time, you can increase your share in the property based on the market value at the time. Your monthly outgoings under shared ownership include:
Joint Tenancy (ownership) Under Joint Tenancy, a maximum of four people can own 100% of a property. There is no separate proportion designated to each of the tenants - they each own 100% of the property. On the death of one of the tenants, their interest in the property passes by the right of survivorship to the remaining joint tenant or tenants (instead of going into an estate). This type of tenancy is normally undertaken by spouses and avoids inheritance tax on the death of that spouse. Tenants (Owners) in Common This is where an infinite number of people can own a percentage of a property but, unlike the Joint Tenancy, on the death of one of the tenants their percentage of the property passes onto their estate and becomes subject to inheritance tax rules. Consider this method if the contributions made by each of the co-owners will differ (for example, if the property is not purchased in equal shares). In any dispute, or upon the sale of the property, each owner is able to retrieve their share of the property at its current market value. Further Information Information on Housing Associations within a certain area can be obtained through the Local Council or Citizens Advice Bureau |
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