The main difference between joint tenants and tenants in common is what happens when one of the owners dies.

Joint tenants
 
Upon the death of a joint tenant, their share in the property is immediately transferred to the remaining joint tenant or tenants. This is referred to as the rule of survivorship. Married or de facto couples often choose to own property as joint tenants for this reason.
 
If there are multiple joint tenants, the surviving joint tenants inherit the deceased joint tenant’s share in equal shares.
 
Although the transfer happens automatically at law, the change in ownership is not reflected on the title until the necessary paperwork is lodged with NSW Land Registry Services.
 
Another important difference is that a joint tenant cannot unilaterally transfer their share of the property without first severing the joint tenancy. A tenant in common, by contrast, is free to transfer their share independently.
Tenants in common
 
The share of a property owned by a tenant in common who has died is determined by their Will, or if they died without a Will, under the rules of intestacy. Their share forms part of their estate and does not automatically pass to the other owners.

Yes. The most common exceptions include:
 
– Severance during lifetime: An owner can sever (or cancel) a joint tenancy during their lifetime, thereby changing the method of ownership to tenants in common. This is often done after the breakdown of a marriage or de facto relationship.
 
– Bankruptcy: If a joint tenant becomes bankrupt, the joint tenancy is immediately severed. The bankrupt owner’s share automatically vests in their trustee in bankruptcy.
 
– Notional estate orders: A person challenging a deceased joint tenant’s Will or estate may apply to the Court for an order that the deceased’s share be treated as part of the estate. This is known as a notional estate order under the Succession Act 2006 (NSW).
 
– Unlawful killing: A joint tenant who unlawfully kills another joint tenant is prevented from benefiting from the deceased’s share

Yes. Depending on your circumstances, some examples of changing an ownership structure include:
 
– Severing a joint tenancy: This changes the ownership so that the owners hold the property as tenants in common in equal shares. This can be done by any one of the owners, even without the consent of the others. However, all owners will be notified once the change is registered.
 
– Creating a joint tenancy: Tenants in common can agree to transfer their shares so they hold the property as joint tenants in equal shares. This requires the consent of all owners.
 
There may be significant stamp duty and tax implications for any change in ownership. If there is a mortgage on the property, the lender may need to consent to the proposed change.
 
A married couple or de facto partners may be exempt from payment of stamp duty on a transfer of ownership, but only if all eligibility requirements are met. In New South Wales, this exemption typically applies where the property is their principal place of residence and the result of the transfer is equal ownership.
 
You should seek legal advice before considering any transfer of ownership. You should also obtain accounting and financial advice regarding any tax or financial consequences.

You can check the method of ownership by ordering a current title search from NSW Land Registry Services. The title will show whether the property is held as joint tenants or as tenants in common, and in what shares.

However, it is possible to have a mixed ownership structure where multiple people are involved. For example, a husband and wife may hold a 60 percent share of a property as joint tenants in equal shares, while a third party holds the remaining 40 percent share as tenant in common. In that case, the couple are joint tenants in respect of their 60 percent share and tenants in common with the other owner.

It is generally recommended that the owners try to negotiate a resolution. However, if agreement cannot be reached, any co-owner can apply to the Supreme Court of New South Wales under section 66G of the Conveyancing Act 1919 (NSW) for an order that the property be sold and the proceeds distributed.