TENANTS IN COMMON

This arrangement is for people who want to own the property with another person, but want to leave their share in the property to someone else in their will. The shares do not have to be the same size. 

WHAT IS TENANTS IN COMMON?

This arrangement is for people who want to own the property with another person, but want to leave their share in the property to someone else in their will. The shares do not have to be the same size. This is popular if you have children from another marriage and want to guarantee that they inherit it after you die. It is also useful for people who want to reduce the amount of their estate accessible for care home fees. 

WHO IS THIS FOR?

When you purchase a property with another person or people, your conveyancing solicitor will ask you what style of property ownership you want to have, a tenancy in common or a joint tenancy.  The type of ownership will make a difference to what you are able to do with the property if one party dies or decides they want to sell.

As Tenants in Common you can:

  • own different shares of the property
  • the property does not automatically go to the other owners if you die
  • you can pass on your share of the property in your will

You can also change the type of ownership to:

  • joint tenants to tenants in common, for example if you get a divorce or separate and want to leave your share of the property to someone else
  • tenants in common to joint tenants, for example if you get married and want to have equal rights to the whole property

There are numerous considerations to make when deciding which option is right for you.

Speak to our team of legal experts. They are available to help guide you on making the right decision for you and your family.

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PROBATE

Probate is the legal right to deal with someone's property, money and possessions when they die. If the person who died left a will, this explains what should happen to their estate.

INHERITANCE TAX

Inheritance tax is a tax on the 'estate' of someone who's passed away. How much you pay depends on the value of the deceased's estate – which is valued based on their assets, minus any debts.

TRUSTS

Using a trust can give you peace of mind that your chosen beneficiaries will inherit from your estate. The benefits can include reducing the care fees payable to the local authority and have tax advantages.

DOCUMENT STORAGE

If your Will were to be damaged in any way, the courts could declare the Will invalid. We offer safe and secure storage of your legal documentation in both digital or paper form.

TENANTS IN COMMON

Tenants in common is a term used when two or more people have a share in a property – as in spouses or civil partners – but as separate owners entitled to their own share of the property.

PROPERTY CONVEYANCE

We work with a team of legal experts who will prepare legal documents for a property sale, remortgage or lease extension, and transferring legal ownership if the property is being sold.

FINANCIAL PLANNING

We work with a team of independent financial planners who will help you plan for changes in your income, pensions, insurance, savings and investments. Need help. Contact Us.

LASTING POWER OF ATTORNEY

Nobody likes to think about losing the ability to manage their own affairs. Powers of Attorney gives someone you trust the ability to make decisions on your behalf.

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