Query on form from solicitor. Has anyone---

maryanne209

WE are in the process of purchasing our new house. The solictor acting for us has sent us a form to fill in asking about joint ownership (A) If one of us died who would we leave it to, (B)and if we to both die at the same time would it revert back to own family, (C) Pass to children in equal shares, or (C)Other. Also questions about if we sold it. We have bought houses in the recent past but have never had a form to fill in like this before we proceed. We have made a will anyway so why should it be of any concern to the solicitor who has only been asked to deal with the buying of our new property Do we have to fill in and sign this form and is it part of the buying process now. It also asks for the names of people we are leaving it to it just seems a bit strange.

Rinoa

maryanne209 wrote: »

WE are in the process of purchasing our new house. The solictor acting for us has sent us a form to fill in asking about joint ownership (A) If one of us died who would we leave it to, (B)and if we to both die at the same time would it revert back to own family, (C) Pass to children in equal shares, or (C)Other. Also questions about if we sold it. We have bought houses in the recent past but have never had a form to fill in like this before we proceed. We have made a will anyway so why should it be of any concern to the solicitor who has only been asked to deal with the buying of our new property Do we have to fill in and sign this form and is it part of the buying process now. It also asks for the names of people we are leaving it to it just seems a bit strange.

There are two ways you can own property. Either as 'joint tenants' or as 'tenants in common'. Don't worry about the 'tenants' bit, it's just a legal term.

Basically if you own your property jointly, then whoever survives then owns the whole property, no matter what it says in any will. If you own property as tenants in common, then on death the property will pass according to the wishes in the will.

With so many people on second marriages, or in partnerships with children from previous relationships, the solicitor requires precise information in order to advise how the property should be owned. If he doesn't get this information and your children or others subsequently lose out, then they would no doubt sue him for his failure to advise you correctly.

He's covering himself whilst ensuring that if one of you dies, the property passes to who you would want it to.

timmyt

if you hold at JTs (goes to survivor) then fine. but if you hold as tinc then you need a will by definition.

the lawyer's form could just say that!

McKneff

Yes, maybe just touting for future trade, in my opinion.