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Believe it or not the way you own your property is very important if you want to leave a share of it to somebody in your Will. For example:
Owning as "Joint Tenants"
This way, neither of you owns an identifiable share of the property. You collectively own the whole thing - essentially you hold it on trust for yourselves. This means that when one of you dies, the property automatically passes to the survivor(s). It does not matter whether or not the deceased co-owner had a Will.
Owning as "Tenants in Common"
By owning this way, you each own an identifiable share of the property. Unless you have stated otherwise, this will be 50% each for 2 owners or one third each for 3 owners etc. You are each free to use your share in any way you want. You can give it away during your lifetime, or can leave it to someone under your Will. Owning as Tenants in Common, the property will not automatically pass to the surviving owner(s) so it is vital that you each have a Will.
Why is it important to own the right way?
You MUST own the property as Tenants in Common if you want to:-
- Give your share to someone else
- Leave your share under your Will
- Put your share into trust for someone else’s benefit
- Engage in any inheritance tax planning
- Plan for future care fees
- Have extra flexibility in dealing with your assets
If you don’t know how your current property is owned, the chances are you own as joint tenants. However, we can easily check this for you. All we need is to see your title deeds.
It is very simple to change from joint tenants to tenants in common. We would be happy to prepare the necessary paperwork and register the change at HM Land Registry on your behalf.
If you are Tenants in Common already and want to change the share of the property that you each own, this can be done easily and we can provide an estimate of cost for you.
Equity Release Schemes
There are various schemes which allow you to release some of the value (“equity”) that is locked into your home. To find out more click here
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