Joint Ownership/Transfer of Ownership
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.
We can also deal with Transfers of Equity, whether it be from joint to single names or single to joint names.
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, you can transfer it the other way around.
You can of course transfer from sole ownership to joint tenants or tenants in common- and vice versa. No matter which arrangement you need to implement, we can complete the process in line with your instructions.
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