What is the Difference between Joint Tenants and Tenants in Common?
This means that the co-owners are regarded in law as having separate shares. They may give their shares away by Will. On the death of a Tenant in common the share of the deceased person is protected by the requirement that another trustee has to be appointed before the land or property can be sold. If the shares are not equal perhaps a 60/40 split then it is advisable to have a deed of trust drawn up.
The joint owners are regarded as owning 100% of the property and have no individual share, So that on the death of one of the joint owners the property passes to the survivor. If there are more than two joint owners then the property passes to the remaining joint owners. On the death of a joint owner a sole survivor may sell the property by supplying proof of the death of the other joint owner. A change of this ownership is beneficial to assist with inheritance tax planning and also if a couple are in a second relationship and have children from the first. Each owner can ensure that their individual share passes by Will to their heirs. How does ownership effect our Wills?
More about Tenants in Common
It is recommended that in all case’s you effect a professionally drawn up Will. Otherwise an individual share as in tenants in common may pass on death to someone other than the person you may have wanted to have your share.
Benefits of Changing to Tenants In Common
Protecting your child’s inheritance should your partner remarry.
Assists with planning matters to reduce inheritance tax.
It may protect half of the property from being used to pay for care home fees.
Severance Procedure in Five Simple Steps
- Step One-: Complete your Personal details by completing the Severance of Tenancy form.
- Step Two-: Make your payment via Pay Pal or if you prefer send a cheque made payable to Alder Wills & Probate Ltd for to Basement Suite 260, 377-399 London Road, Camberley, Surrey, GU15 3HL.
- Step Three-: We will complete a search of the property within 72 hours of receipt of your payment.
- Step Four-: Once the search is completed and this normally takes five working days, we will send a severance of tenancy deed and land Registry form for your signature along with a prepaid envelope for you to return the forms to us.
- Step Five-: Alder Wills & Probate Ltd will lodge the forms with the appropriate District Land Registry and they will update your Title and send you confirmation of this.
That completes the Service and we Guarantee your complete satisfaction or your money is refunded in full.
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