What is a Joint Tenancy and how do you Sever it?

By Punam Denley of Blanchards Law.

If the matrimonial home is held in the joint names of yourself and your spouse/partner and is held by you as “joint tenants” upon the death of one of the joint owners, their share passes automatically to the survivor.  This is irrespective of any Will provision or intestacy of the deceased.  It is possible to avoid the property passing in this way by survivorship by preparing a “Notice of Severance”.  Whilst after service of this simple notice, you and your spouse remain joint owners, each of your respective shares will be passed upon death as per your Will or intestacy. The Notice can be lodged at the Land Registry and noted against your property, although this is not essential, as long as you always have a copy of the Notice to hand.

 

Please do call us and we can draw the Notice up for you.

 

© Punam Denley, February 2013

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