How-to:Types of co-ownership (SQE Land Law)

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Joint Tenancy
A Joint Tenancy is a type of joint ownership of a property, where each owner is called a "joint tenant" and each owns the whole of the asset, rather than a distinct fractional share. This means that a joint tenant cannot point to a particular ‘share’ or interest in the property as his interest is in the whole of the item.

When a joint tenant dies, the property passes to his personal representative as part of his estate. This is known as the right of survivorship.

Tenancy in common
A Tenancy In Common is a type of joint ownership of a property where each owner owns a separate share in the property.

Each owner is regarded as having a distinct share in the land, even though the land in question has not been physically divided up between the owners.
Upon the death of one of the tenants in common, his share passes to his beneficiaries, in accordance with his Will or intestacy, as opposed to passing automatically to his wife.