Severing a joint tenancy is often perceived as a daunting process but is sometimes a necessary one. In fact, it’s a relatively straightforward procedure but one that requires care and consideration. At Mark Reynolds Solicitors we can help you through the process.
What is a joint tenancy?
When you purchase a property with someone, usually a spouse or a partner, it’s common for the ownership of that property to be held as Joint Tenants. The legal implications of a joint tenancy mean that you own equal, 50/50 rights to the whole property. If a joint tenant passes away, their share automatically passes to the surviving joint tenant, and your ownership of the property cannot be passed under your will.
Passing your share of the property on to someone other than your joint tenant?
If you wish to pass on your share of a property to your loved ones, rather than the person you co-own the property with, then it is important that you are registered as Tenants in Common. You can convert your current Joint Tenancy to Tenants in Common by serving a Notice of Severance of the Tenancy on the co-owner, and then lodging this with the Land Registry.
This will then give you autonomy to will your share of your property to whoever you wish.
Legal help with severing the Joint Tenancy
Professional legal help will guide you through the process of converting your Joint Tenancy to Tenants in Common. We would begin by inspecting the title deeds of your property to confirm which type of joint ownership your property is registered under.
If you own the property as Joint Tenants, then we can prepare the necessary paperwork to ensure the severing of the joint tenancy allowing you to become Tenants in Common. This then guarantees you the choice of who to leave your share of the property to.
It can give you valuable peace of mind knowing that contractual matters have been taken care of professionally allowing you to organise your affairs as you see fit.
Why choose Mark Reynolds Solicitors?
At Mark Reynolds Solicitors we pride ourselves on giving our clients the best possible service and we promise to help you through each stage of the process, explaining everything in as much detail as you need, using jargon-free language you can understand.