Tenants in Common
Your Questions Answered
Many people own their own property and couples usually do so as Joint owners.
If you are Joint owners, your Will cannot control the ownership of your half of the property, it would automatically pass to the other owner on your death.
This suits many people but others want to change to Tenants in Common so that their share of the property is controlled by their Will.
Tenants in Common effectively puts a dotted line down the middle of the house and says, half belongs to you and half belongs to your spouse/partner.
Then, in your Will, your can gift your half of the house to the children but allow your spouse/partner to live there for the rest of their life and allow them to use the capitol in your half to buy another house. However, if something goes badly wrong in their life after your death, your half of the house cannot be squandered or taken by others, it will always go to your children.
This is called a Protective Property Trust and can protect against Care Homes, bankrupcy, future marraiges, the arrival of more children etc.
If you want to change your property to Tenants in Common, then this can be done online at our dedicated website or by telephone, you can call us on 01305 774786.
NB. All prices quoted are our fees, if any fee is charged by the Land Registry for this operation then such disbursements are to be paid for separately by you.