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Tenancy Change
Most houses are owned on a Joint Tenancy basis. If one person on the tenancy dies, the survivor automatically becomes the sole owner. This means it cannot be gifted in the Will.
Business partners usually own property as tenants in common, this means that if one them dies his or her interest in the property forms part of the estate and can be gifted in the Will.
A Joint tenancy can be converted to Tenants in Common by severing the Joint Tenancy. This is done by one of the Co-owners giving the other a written notice of his or her intention to sever the Joint Tenancy and change it to a Tenants in Common.
The Write Will Service can draft the necessary documents, which once completed should be lodged at the Land Registry Office together with the deeds to the property.
Severance of Joint Tenancy
Most residential property in England and Wales is owned by "Joint Tenancy" whereby the property automatically passes to the survivor in the joint tenancy on the first death.
There may, however, be circumstances where it is prudent to arrange the ownership of the property by "Tenancy in Common" whereby each partner has a share (usually 50%) and they can dispose of their share as they wish.
This can be arranged by the Severance of Joint Tenancy process, which changes the title deed for the property to reflect a change from Joint Tenancy to Tenancy in Common.
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