Are the following key points correct?
Joint tenants own the entire property between them.
Correct.
Tenants in common each own their own bit of the property e.g. A owns 70% and B owns 30%
Correct.
On death
In a joint tenancy, the survivor inherits the entire property, irrespective of the will.
The property passes outside the deceased's estate - it is not covered by the will. It does not form part of the deceased's estate.
In tenancy in common, B's 30% goes to the estate.
Correct.
A tenant in common can sell their share of the property without consulting the other.
A joint tenant cannot sell their share of the property without the consent of the other.
The 2009 Act has made changes- so that a joint tenancy can be severed but I don't know enough about it.
This link has more detailed information:
http://www.lawyer.ie/property/tenancies
How does one know if one has a joint tenancy or a tenancy in common?
If Johnny and Mary buy an investment property together, is it specified somewhere what type of tenancy it is? If they don't specify it, is it automatically one or the other?
It should be part of their conversation when buying and when talking to their solicitor. It should be written in to the Deed - their title document.
If it is not specifically stated, it comes down to what their intention was. If they are husband and wife or civil partners , there may be an implied intention that it was their intention to benefit each other. It would be less obvious if they were siblings. It would be unlikely if they were just friends or business partners.
It usually becomes a problem when (a) they fall out or (b) one dies and it is not specified.
If Daddy leaves Paddy, Ann and Tom the family home in his will, is it automatically one or the other? Can they choose or change the tenancy?
It should be stated. Over the years, I've encouraged testators to be specific about what their intentions are. You would be amazed at the number of people who do not want to be clear for fear of offending their offspring.
Do marriage and the Family Home Protection Act override the type of tenancy?
Not really. If A marries B who has a joint tenancy with C and A and B move in to the house it becomes a family home. But A does not necessarily acquire any interest in the property.
mf