What does Severance of Joint Tenancy mean?
Severance of Joint Tenancy is formally changing the way a property is held by two or more owners.
The most common way a property is held by two or more owners is known as ‘Joint Tenants’, where upon death of one owner (regardless of what is stated in their Will), their ownership automatically passes to the other surviving owner, such as the surviving spouse or partner.
What about if you want your share of the property to pass to someone else?
This is where ‘Tenants-in-Common’ is used.
The other way that property can be held is known as ‘Tenants-in-Common’; each spouse or partner has a specific share of the property – usually 50% each.
When one of the owners dies, that person’s will can then determine who inherits that share of the property. This is particularly useful in the case of a second marriage where each spouse wishes to leave his or her share of the property to the children of a former marriage or relationship.
Of course, should the surviving spouse subsequently re-marry at a later stage, the deceased’s share of the property is safe.
Before death, each owner could grant the survivor the right to continue living in the half of the property that they legally do not won for the rest of their life. Thus ensuring his or her continuing security.
What does it cost to change from ‘Joint Tenants’ to Tenants-in-Common’?
Like our other services, we offer our Office and Home-Visit:
Change to Tenants-in-Common £120.00
Should you wish to discuss changing the way you own your property, please feel free to contact us.