When a property is held as tenants in common the owners hold the equity in shares.It is possible to specify that they are to hold the equity in unequal shares.The legal title must and will always be held as joint tenants.
It is then the responsibility of the trustee together with the surviving tenant in common to ensure that the beneficiaries receive their share.
If no shares are specified and if there is no evidence to the contrary, it is assumed that the tenants in common hold in equal shares.
Upon the death of tenants in common, their share passes not automatically to the survivor as with joint tenants but via the deceased’s will or, if there is no will, via the rules of intestacy.
The effect of the restriction is that a disposition (i.e.
a transfer or mortgage) by a sole proprietor cannot be registered.This is known as severing the joint tenancy and is done by one party serving a notice of severance on the other.