The two forms of co ownership differ in what happens on death. Under a joint tenancy the right of survivorship means the surviving owner becomes the sole registered proprietor automatically, done by a survivorship application that is simple, inexpensive and does not require probate. Under a tenancy in common each owner holds a separate share that forms part of their estate and passes under their will, so probate is generally needed before the share can be dealt with.
Joint tenancy is usually chosen by domestic partners, and tenancy in common is common for business partners or where owners contribute unequally and want defined shares.
The form of co ownership interacts with estate planning, so buying property is a natural prompt to make or review a will and powers of attorney, particularly for blended families, where survivorship can unintentionally exclude the children of one partner.
CMK Legal's property and conveyancing team can act on matters like this.
The ownership form chosen on the transfer directly controls what happens on death, so it should match the estate plan. [Reviewing your will and powers of attorney](/wills-estates) when you buy avoids an unintended result, especially in blended families.
Law referenced: Transfer of Land Act 1958 (co ownership and survivorship); Administration and Probate Act 1958.