Severance of Joint Tenancy
Enquire Today
There’s no need to travel – We can take your instructions over the phone.
Contact Us
During taking your Will instructions it maybe become apparent that your Property is held at Joint Tenants. Is this suitable?
There are two ways in which you may jointly own property and this can mean a house or land whether registered or not with your spouse or partner and or others like your friends. You might own it as Joint Tenants or as the proper term is stated ‘beneficial joint tenants’ or as ‘tenants in common’
.
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.
.
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.