Transfer Sole Tenancy to Tenancy in Common Beckenham
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
Can I Change From Joint Tenants to Tenants in Common
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.
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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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Writing wills is the only way to ensure that your money, possessions, property, as well as your investments, has gone to the people or the causes that you care of.
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)
- 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.
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.
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
Make your own will:
Make your own will and ensure that it is valid. It should be correctly drafted and signed.
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.
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.