If you are looking to carry out a severance of joint tenancy with a co-owner of a property, there are a number of issues you should consider. Here we look at some of the frequently asked questions which arise before the process is undertaken.
What is a joint tenancy?
If you have purchased a property with someone else you may have done so as joint tenants. This means that you share equal rights in the land or property. If one of the parties dies, ownership will pass automatically and the share will transfer to the survivor This means you cannot pass on your ownership as it does not form part of your estate.
Eight FAQs about joint tenancy severance
How do I find out how my house is held?
Download a copy of the title from the Land Registry.
What if nothing is registered for my property?
It could be that the property has not yet been registered. Take legal advice to register it for the first time.
Can I change a joint tenancy agreement to a tenancy in common?
Yes, this is a straightforward procedure.
How do I make this change?
A notice of severance needs to be drawn up and signed. This is then sent to the Land Registry.
However, to ensure the process is carried out in the correct manner, it is always best to seek legal advice. You can find information about severance of joint tenancy online at sites such as https://www.parachutelaw.co.uk/severance-of-joint-tenancy.
What are the benefits of severing my tenancy?
The main advantage is that you can now pass on your share as you wish.
Can the property be severed in unequal shares?
Yes, although you will need to evidence why this should be the case.
What happens if I die before the land registry title is updated?
Provided you have signed the notice of severance, your wishes will be upheld. If not, it is deemed to be held as joint tenants.
Do all owners have to agree to sever the title?
No, a unilateral severance can take place. However, notice must be served on the other party.
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