What is Tenants in Common?

If you are a property owner and own a property with your partner, then it's likely that you are known as "joint" owners. This means that you both jointly own the property together. In short, say if the property was worth £100,000 then you as a pair would jointly own the property's value of £100,000. This is great, but this the "old" way of jointly owning a property.

By owning a property jointly you could be opening yourself up to Inheritance Tax liabilities should one of you die and the other inherits their share of the property.

When owning a property with another person, we would always recommend that the property be owned as "Tenants in Common". Everything is exactly the same as if you jointly owned, but the big difference is that instead of the pair of you owning 100% of the property, you would each separately own 50%. This means that if one of you dies, then the other already owns their 50%, and if the surviving party then inherits the additional 50% the Inheritance Tax Liability is reduced or could be eliminated.

What's Involved?

It's very easy to switch from "jointly owned" to "Tenants in Common.

Firstly, we perform a Land Registry Search to check exactly who owns your property and then we just need a few simple forms completing which are then lodged with Land Registry to amend the Title Register.

The whole process is called a "Severance of Tenancy".

How much does it Cost?

Now that's a very good question, and we are glad you asked. We charge a nominal fee of just £99.00 to implement this facility for you.

We know that this is extremely good value for money as many other legal professionals charge a lot more for just completing a few forms and lodging with Land Registry.

If you are not sure whether your property is already setup as "Tenants in Common" we can quickly perform a Land Registry search for you for a nominal fee, just to cover the costs to Land Registry and then you can decide what you want to do next. .

Other Benefits

Apart from reducing any potential Inheritance Tax Liability, by switching the ownership type of your property to Tenants In Common you are also protecting any equity.

We know from experience that there are many instances where equity in a property can be sought after by loan companies attempting to secure a debt against your home, or local authorities looking to seize your home to pay for care costs in later life.

By transferring your home to Tenants in Common, any claim on your partner's share of the property would exclude any equity you now own separately rather than if the property was jointly owned when the entire value of any equity could be affected.

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For just £9.99 we can perform a property search today on your property

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Tenants in Common

We can change the nature of ownership from "Joint" to "Tenants in Common" for just £99.00. This will enable you to make the most of any potential Inheritance Tax liabilities and at the same time protect your equity.

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