Property Issues

Where property is owned by more than one person (whether it be as a married couple, partners or friends) it is held in one of two ways:-

a)Joint Tenants - this means that the Property belongs to you and the other owner(s) jointly. You do not own specific shares in the Property and you cannot give away your share of the Property in your Will. If you die your share of the Property passes automatically to the other owner(s).

b)Tenants in Common – this means that the Property belongs to you jointly but that you also own a specific share of its value. You can give away, sell or mortgage your share. If you die, your share of the Property passes to your chosen beneficiary in your Will.

If you want to leave your share of your Property in your Will rather than it passing automatically to your current co-owner if you die, you need to hold the Property as Tenants in Common.

Getawill can check how you hold your Property and, if neccesary, deal with the preparation of the paperwork so that you can "sever your joint tenancy" and become "Tenants in Common".