Sever joint tenancy to tenancy in common

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Tenants in Common vs Joint Tenants

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When do you become Joint Tenants

When buying a property with someone else, it is common to assume that you will automatically become joint tenants. However, many people do not realise that there is another option: tenants in common.

Understanding the differences between these two forms of ownership can be crucial, particularly if your circumstances change and you need to sever your ownership with your co-owner.

Contact Trusted Will Writing for more information.

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what is joint tenancy? ​

Joint tenancy is a form of property ownership in which all joint tenants hold equal undivided shares in the property. It implies that the property cannot be divided into separate portions, and all tenants jointly own it.

In the unfortunate event of a tenant’s passing, their share automatically transfers to the surviving owner(s) without the requirement of a will or probate. Joint tenancy is a commonly chosen ownership structure for married couples and partners who wish to ensure a smooth transfer of their shares in the event of a death. Begin your estate planning journey today with Trusted Will Writing. Contact us now for a complimentary consultation.

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Tenants in common ​

Tenants in common have separate and distinct ownership of the property. It means that each owner owns a specific share of the land, which can be sold or transferred without the other tenant’s consent.
Tenants in common do not have to hold equal shares and can own different percentages of the property. Unlike joint tenancy, the right of survivorship does not apply to tenants in common.
In the event of a tenant in common’s death, their share will pass to their beneficiaries as set out in their will (or intestacy rules if there is no will).

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How to sever your joint tenancy​

If you want to sever your joint tenancy and become tenants in common, you must speak to Trusted Will Writing. You will need to prepare a ‘Declaration of Trust’ which states that you both wish to hold the property as tenants in common and what percentage each owner will hold. 

This document must be registered with the Land Registry.

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What do you need to consider?

If you are dissolving your joint tenancy,, there may be impacts on any mortgages/loans secured against the property. If you were to transfer it to one of the owners, you may need the lender’s consent or a remortgage to release the other owner from any liability.

Call Trusted Will Writing, and we will answer any questions you have regarding how to sever a joint tenancy.

What are the tax implications​

It is also important to consider how this change in ownership could affect your tax liabilities. There may be Capital Gains Tax implications if one owner is transferring a larger share of the property to the other.

Similarly, if one owner is paying more towards the mortgage or property upkeep, they can claim a larger percentage of the mortgage interest on their tax bill.

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Protect your share of a property​

Ultimately, the decision to sever your joint tenancy and become tenants in common will depend on your individual circumstances. If you are going through a separation or divorce, you may sever your joint tenancy to protect your share of the property. 
Similarly, if you are co-owning a property with someone who is not your spouse or partner, becoming tenants in common may be a more appropriate option.

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Is joint tenancy a popular option

If co-owning a property has become more popular , it’s important to distinguish between the two forms: tenancy in common and joint tenancy. Here at Trusted Will Writing, we are committed to explaining those differences in plain language.

While joint tenancy is the typical option for couples and partners, tenants in common may be a better fit if an individual prefers to retain vested ownership or protection over their share.

If you want to sever the joint tenancy and move to a tenancy in common, call Trusted Will Writing now and speak to one of our advisors, who can offer guidance on the considerations that must be made regarding any potential tax or mortgage issues.

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