Changing Property Ownership Arrangements

If you hold a Property jointly with someone else it may become necessary for that Property to be transferred into the name of one party e.g. in the event of the death of your spouse.

In the case of Joint Tenants, a change of ownership is a relatively straightforward matter. On the death of one spouse (or partner), his or her interest in the property automatically passes to the survivor. Glanvilles Personal solicitors can help you set up this arrangement, allowing you to avoid the cost and delays involved in obtaining a grant or representation (Probate) on the death of the first joint tenant.

Tenants in Common

An alternative to joint tenancy is Tenants-in-Common. This means that the property passes by Will (or intestacy) but not automatically to the surviving home owner. Depending on circumstances, the advantages of such an arrangement are:

• It can prevent children/stepchildren or other beneficiaries from losing out should a surviving spouse remarry or cohabit.
• It gives you the freedom to gift your share of the property with directions as to what happens to the property after the occupants death.
• If combined with an appropriate Will, it can maximise tax allowances.

Glanvilles can advise you on which ownership best suits your needs and help you make any ownership changes that may be necessary.