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Tenants in common

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Hi, I was hoping to get some clarity on a query about my parents property (that they live in) which is owned outright as tenants in common.  My parents both have Wills in place that state that in the event of their death, all assets will pass to the surviving spouse.

My question is, will a grant of probate be required for this property on the first death?

Hoping somebody can help!

Replies

  • MojisolaMojisola Forumite
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    If they are leaving their share to each other, why not change the ownership to 'joint tenants'. 
    People usually own as tenants in common if they want to leave their share to someone other than their spouse. 
  • NikkimikkiNikkimikki Forumite
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    It would be a cost for them to do that just now and we just wanted to be aware of the implications of not changing it ie will probate be required on this asset.
  • NearlyoldNearlyold Forumite
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    What cost are you referring to?
  • NikkimikkiNikkimikki Forumite
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    The solicitors fees and any associated land registry fees.
  • NearlyoldNearlyold Forumite
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    There are no land registry fees to pay & you can get a Trust Deed Template on line for £15 from places like The Legal Stop
  • xylophonexylophone Forumite
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    It would be a cost for them to do that just now and we just wanted to be aware of the implications of not changing it ie will probate be required on this asset.

    See your other thread.

  • getmore4lessgetmore4less Forumite
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    Hi, I was hoping to get some clarity on a query about my parents property (that they live in) which is owned outright as tenants in common.  My parents both have Wills in place that state that in the event of their death, all assets will pass to the surviving spouse.

    My question is, will a grant of probate be required for this property on the first death?

    Hoping somebody can help!

    NO, 

     it does not matter if they are joint or TIC probate is not needed to deal with the property.
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