Island Life Magazine Ltd August/September 2014 | Page 142

TERENCE WILLEY

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Terence Willey & Co
Terence Willey t. 01983 875859 Mark Willey t. 01983 611888 - w. terencewilley.co.uk

Terence Willey
Mark Willey

Buying land or property jointly

S

hould we take care in buying
land and property jointly? The
immediate answer to this question
is a resounding ‘yes’.
The vast majority of land or property
purchased in joint names is under
a capacity known as Beneficial Joint
Tenants. This effectively means that upon
the death of either of the joint owners,
the survivor would take the property
absolutely in his or her name and totally
outside of any directions in a Will.
While in many cases this is appropriate
there are many other circumstances
where it would simply not be. For
example if two siblings purchased land or
property and they wish their interest in
the land or property to be passed to their
own specific beneficiaries under their
own Will rather than it to pass to their coowner and in the case of a Beneficial Joint
Tenancy this would not occur.
It is therefore very important that
the purchase in the first instance in
such ci &7V