If you are a married couple purchasing a house together, either outright or through tax liens, you will usually be joint tenants. This indicates that you both own the whole of the property and if one expires the other automatically inherits.

But if you are a cohabiting couple, you would be sensible to decide on the tenants in common option, whereby you each own half the tax lien or property. Where this happens, it is vital for each partner to make a will stating that, on death, the deceased's half of the property goes to the living partner. Or else, it just goes into the estate. Inheritance tax does apply, however, as the only exemption is for married couples leaving property to one another, or same-sex couples who have claimed a civil partnership.

I bought three properties jointly with my partner, who died suddenly in 2004. Because we had each made a will particularly stating that the survivor would own the properties, I automatically inherited them on his death. Alternatively I would have had to sell them to manage the estate. The question of joint or common ownership is very crucial indeed when investing in property and tax lien certificates and cannot be left to chance.

There are other important issues when you are investing in property with another person, such as: Does one person have ownership and if so, what rights does the other person have?

Who pays the loan and how will this affect the equity on resale? What happens when one party wishes to sell and the other does not? What occurs in the event of death? How are expenses to be apportioned? What about life insurance? What if there is negative equity? Who pays for maintenance?

Before you ever start investing with a different person, whether this is your spouse, partner or friend, it is crucial to draw up a legally binding document. If you are a close friend or intimate partner, it can seem harsh and calculating to do this, but it is a must.

If my late partner and myself had not prepared a Deed of Covenant and each amended our wills, there would have been a fearful muddle on his death. It is also essential to draw up these documents during splitting up, or the friendship coming to an end.

If you have determined that the best and safest way to invest in property is to use your own home, you must be very mindful that you are not seen to be running any sort of property development business for profit, as HM Revenue and Customs will take a very dim view if you are, and tax you subsequently.

The main ways of using your own home as an investment are:

Buying a place in an up-and-coming area, living in it for some years, then selling it on at, you hope, a vast profit;

Purchasing a wreck, doing it up and then selling it on, whenever living in the place in the meantime;

Building your own home from scratch, living in it and then selling it on when completed;

Having lodgers or paying guests;

To rent out your home to overseas visitors as a holiday let when you are not there yourself;

Buying a place that has a self-contained flat in the basement or in the loft, or upgrading part of your home into a self-contained flat;

Letting out your property to TV and film crews;

Running a small hotel or B&B at the same time as living in the place yourself.

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