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This document can be used to create co-ownership on a property. It can be used for up to four co-owners and amended to reflect ownership in equal shares, in fixed proportions and in floating proportions to reflect each co-owner's financial contribution to the property. The document also provides a right of pre-emption in favour of the other co-owners where one co-owner wishes to sell their share.
It should be noted that this document creates a tenancy in common. This means that the co-owners can own the property in differing shares, unlike in joint tenancy where each party owns the property equally. It also means that, unlike in joint tenancy, each co-owner's share of the property can be passed in an inheritance on death.
You may wish to use this document if a property is being bought by a number of friends or relatives together, if a property has been given to a number of persons or relatives to own together, or to formalise an existing co-ownership arrangement.
How to use this document
A single copy of the document should be signed by all parties. Each signature will also need to be signed by a witness who is not one of the other co-owners. Each party should then retain a copy of the document for their records.
Any Applicable Law
The document is governed by the principles of trusts law.
The Law of Property Act 1925
How to modify the template
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