Severance of Joint Tenancy
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The effect of owning a property as ‘beneficial joint tenants’ is that on the death of either of the joint owners, the surviving spouse/partner becomes the sole legal owner of the whole property.
This is irrespective of any provisions made in a Last Will and Testament.
The effect of owning a property as ‘tenants in common’ is that each joint owner of the property has a separate share in it so that on the death of either of the joint owners that deceased person’s share will go to the person named in the deceased’s Will.
If your Property is held as joint beneficial Tenants this situation may be right for some situations however this is not always the case if in doubt take advice we can help determine which the best solution for you.