Joint Tenancy Mortgage - One dies...

inch_high

Am I right in saying that if one of the people on a Joint Tenancy Mortgage dies, that the house (equity) automatically goes to the person remaining? Even if a Will stipulated otherwise?

fawd1

I would be very surprised if that were the case. Why would it?

RAS

There are two types of joint tenancy, despite the fact that one is just called "joint tenants".

If the owners are tenants in common they each own a proportion of the property (often 50:50 but not always) and can will their portion to anyone they want.

If the owners are joint tenants they both own 100 % of the property. On the death of the first party, the sole survivor becomes sole owner.

I have encountered at least one instance when a party apparently persuaded the other tenant to change from tenants in common to joint tenancy despite a will giving the other's portion to their family on death.

rpc

That is what happens in a joint tenancy, as opposed to tenants in common. A joint tenancy confers survivorship rights, tenants in common does not.

If someone is likely to contest this, get the documents from the LR to prove ownership as joint tenants.

McKneff

On a joint tenancy, it goes automatically to the survivior, doesnt matter what the will says, ie, it wasnt theirs to leave to anyone.

Kore_Arabin

Technically, the only legal way to own a property is as joint tenants. However, the 'beneficial' ownership may be as joint tenants (JTs) or as tenants in common (TICs).

If a property is held as beneficial JTs, then it will pass automatically to the surviving joint owner, irrespective of what is in a Will. If it is held as TICs, the deceased's beneficial share will pass under the terms of his/her Will or intestacy.

If the property is registered, a quick look at the B: Proprietorship Register of the title will tell you whether JT or TIC.