tenants in common to joint tenants

rokel

we have our home registered as tenants in common but want to revert to joint tenants. Told we need Form RX3 (can download) but what other paperwork do we need to send with it. Someone said send copies of Wills (we are in the throes of making new ones) but why do we need to send that? Would appreciate any advice.
Thanks.

Richard_Webster

Why do you want to make the change?

Errata

The form is all you need to complete and send in. The info about the wills is a fairy tale.

rokel

does it matter Richard? but, that said, our property/estate is worth considerably less than the present inheritance tax threshold and we now want it to be a straightforward pass from husband to wife (and vice versa). Our previous will was too complicated and our situation has now changed.

Thanks Errata - hope you are right - unless Richard knows something we don't!

Errata

The reason the info about the wills is a fairy tale is because people could post off the form and will, or copy of, at 9am on a Monday morning and then write a new one at 9.30am

Richard_Webster

My thought was that most husbands and wives leave everything to their other spouses in their wills anyway. If you don't like your present will you need to make another one or consciously revoke it by destroying it and a simpler will can easily deal with the tenants in common issue because most spouses leave everything to each other anyway.

If you don't make another will and leave in place a complicated will with nil rate band trusts etc even if you convert to joint tenants, depending on the circumstances you might find that the will still has some unfortunate side effects. So I think you would be unwise to consider converting to joint tenancy without taking proper advice about new wills at the same time.

rokel

thank you both, food for thought. It looks as though the best thing is to do the two things (new wills and joint tenancy) at the same time with the help of a solicitor but do take your point Richard about the wording/content of the will. Thank you.

wise_fool

The question of why you want to change to joint tenants is a valid one.

If you said you wanted the surviving spouse to have absolute security and would like to avoid having to apply for probate on first death then I would say go ahead and change it back.

But there are some good reasons to keep the ownership as tenants in common. For example, either of you may want to safeguard assets for a child from a previous relationship or long term care fees. Or you feel that your partner may squander your assets etc etc.

So before you do anything else, get yourself in front of a wills specialist who should advise you of all the pros and cons.