If you are thinking about severing a joint tenancy, it is important to understand the consequences, when you might make such an application, and whether you should take independent legal advice before doing so. Let’s consider this further and offer some guidance.
Is it possible to change a joint tenancy?
Yes, a joint tenancy can be changed to a tenancy in common. The reason you may wish to do this could be due to a dispute arising between the joint tenants, such as in the case of divorce.
Breaking the joint tenancy will ensure the share of the first of the joint tenants to die does not pass automatically to the survivor. Changing the property ownership into a tenants in common arrangement means distinct shares in the property will be seen as a part of the estate of the deceased. This is known in law as a severance of joint tenancy
What is the difference between joint tenancy and tenants in common?
The distinction lies in the way the shares in the property are dealt with. Joint tenants have an equal share of the ownership of the property, whilst tenants in common can have unequal shares dependent on their contribution to the purchase of the land or property. It is important that you understand the difference when purchasing property with another person, as it will influence whether you can pass on your share of the property automatically on death.
Should you have legal advice on the severance of joint tenancy?
When purchasing property with another party, you may not be looking too far ahead; however, remember that how you own a property can have serious consequences down the line. While everything may be rosy when you purchase the property, it is important that you understand your rights should future disputes arise.
You will find information on the severance of joint tenancy on the websites of solicitors such as https://www.parachutelaw.co.uk/severance-of-joint-tenancy.
We recommend that you always seek legal advice to protect your rights in any property you purchase.
