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Changing Property Ownership Arrangements
If you own a property jointly with someone else, you may need to change the ownership arrangement at some point. This could be due to a variety of reasons, such as a partner passing away, a divorce or separation, or to transfer ownership to a family member. Whatever your reason may be, it is important to understand the legal implications of changing property ownership arrangements and seek the advice of a specialist property ownership solicitor.
What Are My Rights as a Joint Owner of a Property?
As a joint owner of a property, you have the right to use and enjoy the property, and to share in any profits made from selling the property. However, if circumstances change, you may wish to transfer ownership into one party's name. This can be a relatively straightforward process if the joint ownership is in the form of a joint tenancy, but if it is in the form of tenants in common, there are additional considerations to be aware of.
Joint Tenancy ownership
Under a joint tenancy, each person has a 100% stake in the property’s value, therefore, on the death of a spouse or long-term partner, their part of the property automatically passes to the survivor. This arrangement avoids any need for obtaining a grant or representative (Probate) on the death of the first joint tenant. Glanvilles Damant has all the expertise you need to put such an arrangement in place.
Tenant in Common ownership
Tenant in Common ownership is typically used by friends or relatives who are buying a property together. If one of the pair or group dies their share in the property will pass to the nominated beneficiary in their Will. Unlike a joint tenancy it will not automatically pass to the other owners.
That’s because one of the advantages of Tenant in Common ownership is the freedom it gives you to stipulate what happens to your share of the property after your death. If children or other beneficiaries are involved, it can save them from losing out should the surviving partner remarry or cohabit. Combined with a Will, it can also provide tax advantages.
Both types of joint ownership have pros and cons which depend on your personal circumstances and relationship with your fellow owners.
Glanvilles Damant can help you choose which type of ownership is right for you and, in the event that your circumstances change, make the appropriate legal alterations, where necessary. Contact us to discuss how we can help.
Why Would You Want to Change Ownership of a Property?
You may want to change the ownership of a property for various reasons, such as to plan ahead for potential issues with inheritance tax, to protect the interests of children or beneficiaries, or to remove someone from the ownership. Whatever your reason may be, it is essential to seek expert legal advice to ensure that the process is carried out correctly.
How Do You Change Ownership of a Property?
The process for changing ownership of a property varies depending on the specific circumstances involved. Generally, it involves completing the relevant forms, paying the appropriate fees, and updating the Title Register with HM Land Registry. If the property is subject to a mortgage, the lender's consent may also be required. This is usually a simple process but at times this can be a complex process that involves the agreement of all parties involved. If one party wants to be removed from the ownership, it is essential to seek legal advice to ensure that their interests are protected.
Why Choose Glanvilles Damant Legal Services for Your Change of Ownership Transaction?
If you are considering changing property ownership arrangements, it is essential to seek expert legal advice. As a local firm based in Newport on the Isle of Wight, Glanvilles Damant Legal Services is uniquely positioned to provide tailored advice and support to clients in the area. Our team of property ownership solicitors has a deep understanding of local laws and regulations, and can provide practical guidance to help guide you through the process of changing property ownership arrangements. We pride ourselves on our commitment to providing a high level of personal service to our clients, and we are dedicated to protecting their interests at all times.
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