Transfer Sole Tenancy to Tenancy in Common

According to recent studies , more than half of the adults living in the United Kingdom have not yet written a will (1). This is problematic for several reasons. First, the lack of a will can cause a great deal of confusion in regards to personal assets, estates, inheritance tax and possible custody of any minors.

Not only could this place a great deal of emotional stress upon the recently bereaved, but the fact of the matter is that disputes and legal battles may also come into play. One area which is often overlooked involves the concept of transferring a sole to what is known as a tenancy in common.

Let us look at why this is important and some of the reasons that this concern needs to be addressed sooner as opposed to later.

Why is it important?

You must be wondering whether it is possible to change sole to tenants in common! To take note of an elementary fact: a tenancy in common is whereby two or more people agree to own a property.

If two or more people register to own a property, it is essential to determine whether they want to own it as joint property or tenancy in common.

In a broad stretch, joint owners hold absolute interest in the property share, and there is no separate share. On the other hand, tenants in common register ownership of the separate and definite shares of the same land or estate.

Joint tenancy or tenancy in common refers to the equity in registered land or estates. To keep you on track, let’s get a quick grasp of joint tenancy or tenancy in common.

What is Joint Tenancy?

If land is under registered mutual ownership, it means the owners are entitled to the whole equity share. In a real sense, when buying property, you engage in an imaginary holding company (a single legal entity company with its directors) to own the land.it is crucial to carry out a search before buying land.

In case of death of the joint tenants, the rule of survivorship will automatically apply. The ownership passes to the survivors. The equity automatically passes to survivors regardless of any contrary provision in the deceased will. If one joint owner survives, he possesses the sole ownership of the land or estate.

What is a Tenancy in Common?

In case of death of the tenants in joint, the title shall shift following the deceased will. If there is no owned will, the rules of intestacy shall apply. The owned legal title does not pass, but the equitable bonds. Check our Blogs!

Transferring Sole Tenancy to Tenancy in Common

Tenancy in common is defined as a specific number of beneficiaries owning a certain percentage of the property upon the death of the owner (or joint owners). Tenants in common each own 50 per cent of the property (in most cases or unless other tenants are included within the will). The owners of any shares within a property can leave their portion to whomever they prefer within their will.
Another point should be mentioned here. Let us assume for a moment that a husband and a wife are tenants in common. Should the husband die and leave his share of the property to someone other than his wife, the home may have to be sold in order to give this third beneficiary the cash value that was promised within the will.
One option here is to have a specific clause known as “giving a life interest” written into the will. This allows the other half to continue to live in the home until his or her death. Tenancy in common is an excellent way to avoid future disputes upon the death of a property owner. We are pleased to provide an expert that will help you construct your will while addressing such important issues.

Can I Change From Joint Tenants to Tenants in Common

In some instances, two people in registered mutual ownership may later decide to be tenants in common. In a real scenario, two individuals in a relationship may choose not to sell a property immediately after separation. When one owner decides to sell it later, it is referred to as severing of property, and one serves a severance to the other.
Registered owned properties rights under land registry serve a form known as SEV, which can automatically apply in such a situation. It’s not mandatory for both parties to settle on the notice. Once the other party serves a notice of severance through a land registry, the notice shall be rendered regardless of any agreement. Check our Locations!

On other occasions, it can happen naturally when one owner is bankrupt. In the event of bankruptcy, the share in equity belongs to the bankruptcy trustee.

Besides, if you register the land under a mortgage, you will have to seek consent from the mortgage bank for change of ownership. If all the parties come to an agreement, including the mortgage bank, they will sign documents of the agreement. You will have to pay some amount of money in the process.
Tenants in common who are willing to change the ownership of the registered land at a certain time, will sign documents of declaration stating their intentions as such. However, if the process turns out to be complicated, you can search for a property lawyer. Check our Prices!

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UK Will Writing Statistics

According to research by unbiased.co.uk in 2016, 75% of those surveyed had not reviewed their Will in the last ten years!

75%

In 2013 a survey by Certainty.co.uk revealed that 67% of UK residents were unaware of the location of their parents’ Wills!

67%

A Trusted Company!

To find out more about our will writing service all you have to do is give us a call. One of our friendly team members will chat with you about your personal circumstances and what you wish to include in your will. We will then schedule a visit, at a time of your choosing, for one of our Legal Consultants to come and visit you

They will gather all of the necessary information together in order to prepare and write your will. Once this stage has been completed you will then receive your completed will for approval. The whole process takes an average of 28 days. To find out more information please do give us a call today. We offer a fixed fee and guarantee the lowest local will writing prices.

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How to write a will

Find out the value of your property. You can draw a list of your lasting assets and your debts too.

The assets that usually make an estate are

motor vehicles
your company
your home, furniture and other household pieces of stuff
all your savings (bank/building society accounts)
insurance,
pension funds
investments like stocks and shares
other property that you own
other personal belongings registered under your name

Then calculate the amount of debt you have. Debts may be a mortgage, a bank overdraft, a credit card balance, loans or equity release. These assets should be valued on a regular basis since their value keeps changing over time. To clarify this you can contact the people responsible to know how long lasting they are.

Make a decision on how to divide your estate

The will should be transparent regarding your assets. Ensure you have stated well who you would like to gain from your will. Decide where the remains of the assets will go (any money or property that is generally left after meeting the funeral along with administrative expenses, taxes, and legacies). State what to be done if one of your beneficiaries dies before you. If you desire to give any particular gifts to specific individuals like charity, ensure that you have included the correct information like the full names, addresses, and the charity’s registered number. Erroneous information might make your chosen charity to be denied the gift. This is a long lasting decision make sure it is satisfactory to you.

Select your executors

Executors deal with the distribution of your assets once you are dead. It involves a lot of work and accountability, thus think about the people you appoint cautiously.

It’s now the time to write your will

It’s now the time to write your will Writing a will can be done in several ways.

Make your own will:

Make your own will and ensure that it is valid. It should be correctly drafted and signed.

Lawyers:

It is typically best because they offer legal advice. Look for one who specializes in wills. Ensure that they are registered with the relevant body.

Banks:

Some of the banks have will-writing services as well as advice regarding asset planning.

Professional wills writers:

these are not qualified solicitors; hence, they might not be regulated. Do thorough checks if they are registered before you choose one? You do not want to mess up because of less research on solicitors.

Ensure your will is valid

Your will should be in writing, and only you should sign it and witness by at least two people who should as well sign it in your presence. You should have the mental capability of making the will and also understand the effect that it will have. Finally, you should make the will willingly and not from anyone else pressure. The beneficiaries, their family or civil partners are not supposed to act as witnesses; otherwise, they will lose their right of the inheritance. They are not even supposed to be present when the will is being signed. It is not advisable for an executor to be a witness.

Making a will in sickness

The will can be signed on your behalf if you are not capable provided that you are in that room and you have the mental capability to make the will. It should contain a clause stating that you understood everything prior to signing it. In case of a severe ailment, you might require a statement from a medical practitioner certifying that you have understood what you are about to sign then you can get an attorney. You can as well appoint somebody else to have a short-term power to sign your legal documents by giving them a general power of Attorney.

Keep updating your will

You are supposed to review your will after every five years or after a significant change like a moving house or new grandchild, and you should never make changes to the original will. For minor amendments, you can add just an addition, called a codicil that must be signed and witnessed just like the will, even though the witnesses don’t need to be the same. For significant changes like remarrying or divorce, the will requires to be changed. You must make a new one and cancel the previous one.

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Transfer Sole Tenancy to Tenancy in Common