Are you a property owner wondering about the best way to structure your ownership? You’re not alone. Many people are unsure about the difference between Tenancy in Common and Joint Tenancy, let alone which one suits their needs best. Let’s dive in and clear things up.
What’s the Difference?
First, let’s break it down:
Converting Tenancy in Common to Joint Tenancy
Why might you want to do this? Well, Joint Tenancy can be advantageous if you want to:
– Avoid probate (saving time and money for your loved ones)
– Ensure the property automatically passes to the other owners
Here’s what you need to know:
1. All co-owners must agree to the change.
2. You’ll need to prepare a Declaration of Trust.
3. Specific forms must be submitted to the Land Registry.
Sounds complicated? Don’t worry – that’s where we come in. Our experienced team of professional Will writers at A.D.E Wills can refer you to a friendly team of conveyancing and probate solicitors, who can guide you through each step, ensuring all documents are correctly prepared and submitted. Creating a Joint Tenancy from a Tenancy in Common is a reserved legal activity, which is why we refer you to a trusted team of friendly solicitors.
Severing a Joint Tenancy
Sometimes, you might want to do the opposite – convert a Joint Tenancy into a Tenancy in Common. This could be beneficial if:
– You want to leave your share to someone other than the co-owners
– You’re going through a divorce or separation
– You need to protect your share from potential care home fees
We can help you sever your joint tenancy, allowing you to pass your rights in the property to whoever you wish. It’s a straightforward process when you have the right guidance. It is important to highlight that we can only help you sever your joint tenancy, if you wish to have equal shares.
If you wish to sever your joint tenancy into an unequal tenancy in common, then this will require the creation of a Declaration of Trust, which is a reserved legal activity. Whilst we would not be able to draft this document, we can refer you to a team of solicitors who will be able to assist.
Not Sure How You Co-Own Your Property?
Don’t worry – it’s a common situation. We offer a quick and simple service to help you find out. Once you know, we can advise on whether it’s the best arrangement for your circumstances.
How A.D.E Wills Can Help
At A.D.E Wills, we don’t just write Wills. We provide comprehensive property ownership and estate planning advice, working alongside other professionals, to ensure all your needs are met. Our services include:
– Free initial consultations
– Expert guidance on property ownership structures
– Preparation of all necessary legal documents (unless it is a reserved legal activity)
– Support throughout the conversion process
Ready to Take the Next Step?
Whether you’re looking to convert your property ownership, find out how you currently co-own, or just want to understand your options better, we’re here to help.
Call us today on 01865 507174 or email us at info@adewills.co.uk to schedule your free consultation. Let’s ensure your property ownership aligns with your wishes and provides the best protection for your future.
Remember, when it comes to property ownership, knowledge is power. Don’t leave your future to chance – get expert advice today.
