The following Property Q&A Produced in partnership with Chris Bryden of 4 King’s Bench Walk provides comprehensive and up to date legal information covering:
Where two parties hold a property as beneficial joint tenants, they are each entitled to the whole of the property. If one dies, their share is extinguished, and the other party retains ownership of the whole by way of survivorship. On a sale of the property, the parties are entitled to share equally in the sale proceeds, although this may potentially be subject to arguments in relation to equitable accounting. Such arguments should rarely apply, however, where the parties were beneficial joint tenants at the point of sale, given that each owned the whole.
The concept of a joint tenancy is not limited to ownership of property. A joint bank account will usually be held likewise as joint tenants, with the result that the survivor on the death of the other will be entitled to the whole of the funds which will fall outside the deceased’s estate. This will include monies held on trust by a conveyancing solicitor for the
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