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Changing Property Ownership Arrangements - Legal Services on the IOW
Many houses are in 'joint ownership', the most common being the homes of married couples or people in long-term relationships. However, if one partner dies or circumstances change, the property may need to be transferred into just one name or other names.
If the joint ownership is in the form of a joint tenancy, a change of ownership is a relatively uncomplicated process.
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, his or her 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, the property usually passes by Will to the other homeowner or owners but unlike a joint tenancy, not automatically.
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.
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