Joint Tenancy/Tenancy in Common

threebeards

Hi

Can anyone (in the simplest language possible) explain the difference between joint tenancy and tenancy in common? I have googled but keep getting legal explanations that go way over my head. In the case of 3 people owning a property with a 33.3% share each, and one person was to die with his/her share automatically going to the other two owners (regardless of the existence of a will), which category does that fall into?

Thanks in advance

Victor

Joint Tenancy is where the property is rented and each person is jointly and severally responsible to the landlord. If Tenant 1 doesn't pay the rent Tenant 2 has to cough up. The lease would be in the form of "Agreement between Landlord and Tenant 1 and Tenant 2".

Tenancy in Common is where the property is rented and each person is jointly only responsible to the landlord for the amount they use. If Tenant 1 does pay the rent Tenant 2 has no liabilities beyond his own. The would be parallel leases in the form of "Agreement between Landlord and Tenant 1" and "Agreement between Landlord and Tenant 2".

In the case of "In the case of 3 people owning a property with a 33.3% share each, and one person was to die with his/her share automatically going to the other two owners (regardless of the existence of a will), which category does that fall into?", I understand the deceased's share would go to his heirs, subject to any agreements made by the deceased or imposed on the deceased if the deceased themselves inherited.

Does that solve it?

threebeards

Thanks Victor - it sort of clarifies it for me but I should have pointed out that I needed to know the information based on ownership rather than in a rental situation.

In the case of 3 joint owners of the property, one situation means that the deceased's 33.3% share would pass equally to the 2 surviving owners so that they end up owning 50% each whereas the other scenario means that a part owner of a property (regardless of the size of shareholding) on death can leave his/her share to whoever he/she wants to. The problem I have is that I can't remember which applies to which situation.

Can you enlighten me??

Thanks

revelate

joint tenancy means that on death, the share passes to the other two. (called survivorship)

tenancy in common means that share can be passed on by will etc.

(land law exam just yesterday..yeah!)

threebeards

Thanks guys. Question answered!!