Co-ownership and severing a joint tenancy

by Practical Law Property

A practice note that discusses the principles of co-ownership of property in England and Wales, focusing on the distinctions between holding property as joint tenants and as tenants in common. This practice note examines the differences between the legal estate and the beneficial interest under the Law of Property Act 1925 (LPA 1925) and explains how a trust of land is created under the Trusts of Land and Appointment of Trustees Act 1996 (TLATA 1996). It outlines the key features of a joint tenancy, including the four unities and the right of survivorship, and contrasts this with a tenancy in common, where co-owners hold distinct beneficial shares. The guidance also explores the process of severance, which converts a beneficial joint tenancy into a tenancy in common, detailing various methods including unilateral notice, mutual agreement, and involuntary acts such as bankruptcy.