When you own a property as tenants in common, you and the other co-owners each own a specific share of the property. These shares don’t have to be equal, you could own 60%, your co-buyer 40%, or any other split that reflects your financial input. Each of you can leave your share of the home to someone else in your will, and you’re not automatically entitled to each other's share if one of you passes away. This is a key difference compared to joint tenants.
If you own a property as tenants in common:
If you own as joint tenants:
You’ll need a solicitor or conveyancer to set this up during the property purchase. They'll draw up something called a Declaration of Trust, which outlines exactly how the ownership is split. You can also change from joint tenants to tenants in common later, this is called a “severance of joint tenancy” and involves updating the Land Registry.
Here’s where it gets a little trickier. While you can own a property in shares, your mortgage is likely to be a joint mortgage, which means you’re both fully responsible for repaying the whole loan, not just your share. That means if one of you can’t pay, the other has to cover the full amount. So it’s a good idea to have clear agreements in place, and talk to a broker about what’s possible for your situation
✅ Flexibility: You can own different proportions depending on what each person contributes
✅ Control: You choose who inherits your share – it doesn’t automatically go to the co-owner
✅ Protection: Especially useful for people buying with someone who isn’t a spouse or partner
❌ No automatic inheritance: Which might not suit couples who want everything to pass to each other
❌ Joint liability for the mortgage: Even if you only own a smaller share, you’re still on the hook for the full loan
❌ More paperwork: You’ll need legal documents to protect each person’s interest
If you're buying a home with someone you're not married to, or you're contributing different amounts, tenants in common can give you the flexibility and protection you need. Want to know what it means for your mortgage? That’s where we come in.
Owning a home as tenants in common means you and your co-owners can each own different shares and pass them on separately. It offers more flexibility than joint tenancy, but comes with a few financial and legal wrinkles to iron out.
Buying with someone else? Lets make it easier!
Here’s what you need to know about mortgages for company directors.
There are thousands of mortgages available in the UK, and when you come to apply for a mortgage, it’s important to understand how they differ from each other so you can select the most suitable choice for you.
Habito specialises in helping you get the best mortgage or remortgage, all online, for free
