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Severance of Joint Tenancy
A Severance of Tenancy changes the way in which you own your property from Joint Tenants to Tenants in Common. As Joint Tenants, on the death of one co-owner, the property will pass to the surviving co-owner(s) automatically by survivorship.
If you hold you property as Tenants in Common then you are able to leave your distinct share of your property to your chosen beneficiaries, under your Will. This arrangement is commonly used for tax planning purposes.
We can assist you by inspecting your title deeds and confirming which type of joint ownership you have, and then preparing and lodging with the Land Registry the necessary paperwork to update the records at the Land Registry.
Transfer of Equity
You cannot sever your tenancy if the house is in a sole name. In this instance you could transfer a half share of your property to your partner.
Declaration of Trust
Where there is a discrepancy between who owns the legal title to a property, and really owns the underlying beneficial interest, the a Declaration of Trust is a document that can set out the agreement in writing.
The main benefit of preparing such a document is to provide written evidence of the agreement between parties as to who owns the underlying beneficial and equitable interests in the property. The Declaration of Trust will provide clear evidence of your agreement and intention at the date it is signed.
Examples of where it is used are:
- where boyfriend/girlfriend own a property in their joint names, but they provided different contributions to the purchase price, e.g. 25% and 75%, and wish their contributions to be reflected in a legal document; or
- where a husband or wife owns the legal title to their property in their sole name, and the other spouse (by consent) wishes the underlying beneficial interest (i.e. the net sale proceeds) to be reflected in a legal document.
We are a full service Firm of Solicitors, who deal with property work, and inheritance tax planning, and so can provide you with the correct advice suitable to your circumstances and put your plans into effect. We also have an in-house Chartered Tax Adviser to assist in the tax planning process.
We will help to safeguard your hard earned assets for you, your children or other beneficiaries
Call us today on 01234 35 80 80 to speak to a member of our qualified team.
Arrange to meet one of our Personal Lawyers for a fixed fee at our office in Bedford.
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