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.
Check out our short video which explains what can be covered.
We can change the nature of ownership from "Joint" to "Tenants in Common" for just £199.00. This will enable you to make the most of any potential Inheritance Tax liabilities and at the same time protect your equity.