Couples usually buy a property together as joint tenants, which means they both own the entire property, and the ownership automatically transfers to the surviving owner in case of one owner's death. If you want to gift your share of the home in your Will, you must change the ownership to tenants in common. Note that if there is a life interest trust in the Will, the title must be severed for the share of the property to enter the trust. Let's first look at the difference between holding the home as joint tenants and tenants in common.
Joint Tenancy (100% each)
Joint tenancy means owning a property equally with another person. When one owner dies, the other automatically becomes the sole owner. You cannot leave your share to someone else in your Will.
Tenants in Common (50%-50%)
When owning a property as tenants in common, each owner has a divided share, which can be equal or unequal. Trusts can be used to protect individual shares. To check ownership, download the title register from the land registry website. To change from joint tenants to tenants in common, complete a notice of severance and an SEV form, then send them to the land registry.
No. Fern Wills Can do this for you.
No, to sever a jointly owned home due to a dispute, you can serve a notice of severance on your partner.
Severance of a joint tenancy is a legal process that changes the legal ownership of property from joint tenants to tenants in common. Usually, both parties agree to sever the joint tenancy. However, both parties don't need to decide. One party can serve notice on the other, requiring them to sever the joint tenancy, regardless of their preference.
Fern Wills can search for you and advise. On the Title Register Document, severed tenancy shows as
"No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court"
Joint tenancy means that if one owner dies, the property automatically belongs to the surviving owner(s). You must end the arrangement to leave your share to someone else. Joint tenancy can create complications if a couple separates and may prevent the property from being sold without the consent of all owners.
Severing a joint tenancy converts the ownership into a tenancy in common. There are three main reasons for doing this: