Co-ownership is where two or more people own the same property together. This can be two people who already know each other (partners, family members or friends), or, people who have matched together on Mortgage Mates.
There are two primary types of co-ownership, but for the purposes of the information provided on our website, we are specifically looking at Tenants In Common. Further information should be sought for other types of co-owning opportunities.
Legalvision define Tenants In Common as follows:
‘When parties own property as tenants in common it means that two or more people co-own a property in defined shares that they can dispose of as they wish. The shares owned by each tenant in common can be equal or unequal. For example, one person may own 99% of the shares with the other owning 1%.The precise way that you choose to split the shares is up to you and the other parties.’
Co-ownership can also be known as mortgage sharing, joint ownership, shared ownership or a declaration of trust. We use the words co-ownership when we talk about our Mates owning together, because it is the legal definition of owning a home with another person.
Co-ownership can apply to properties being purchased for investment, for homes being purchased to live in and a mixture of the two.