SEVERING THE JOINT TENANCY

General Rules

When people buy a house together they invariably make that purchase as joint tenants. This means that each person owns an equal share of the equity in the property. If one of the joint tenants should die then the share of that deceased person automatically passes under the rule of survivorship to the other tenant/tenants even if there is a Will leaving the share in the property elsewhere .

Separation and/or Divorce

Where there is property held by both partners on a joint tenancy your family solicitor will talk to you about severing that joint tenancy. You may wish to avoid your half share in the house automatically going to your former partner in the event of your death prior to an overall financial settlement being reached. A Notice of Severance can be prepared which changes the way in which you and your former partner hold your property in law. Once effected you are no longer joint tenants but tenants in common. This does not change the value of your share in the property. You and your partner still own 50% each of the equity just as before. The important difference is that your half share will not go to your former partner if you die. Instead, it will devolve in accordance with your Will.

Please contact our Family solicitors, Christine Bryant or Vanessa Dugdale, for advice.

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