Expert Advice on Joint Ownership and Transfer of Equity
There are two types of joint ownership
- Joint Tenants have equal ownership of the property, and in the event of the death of one owner, that share automatically goes to the other owner, irrespective of the terms of a will. Under this arrangement, any sale proceeds are split equally.
- Tenants in Common, however, have specified interests in the property, which may or may not be equal. In this case, in the event of a death the available share will not automatically pass to the other owner, but will be dictated by the contents of a will, (or where there is no will, by the rules of intestacy).
Under this arrangement, any sale proceeds are split in accordance with the already agreed proportions which will have been set out on the title to your property at the time of your purchase.
Ison Harrison are able to deal with Transfers of Equity, whether it be from joint to single names or single to joint names as well as assisting in amending the type of joint ownership currently in place
If the property is mortgaged, we will liaise with any Mortgage Lender as their approval may need to be obtained. If you are getting divorced or separating it is possible to change from being joint tenants to tenants in common.
If you are getting married and wish to have equal rights or wish to otherwise amend your previously chosen type of joint ownership, we are also able to assist in this respect.