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Joint ownership of a house with a friend
in Deaths, funerals & probate
7 replies 458 views
Myself and a friend have Joint ownership of a house which we rented out the past 20 years . If I die would my 1/2 automatically go to my wife or Children.
Ive been reading and "Joint tenants" and "Tenants in common" ,
1) Do i need to find this out first
2)Where do you find this out
Also i haven't made a will yet
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Joint tenancy seems inappropriate for your situation so I suggest that you consult a solicitor and get a proper legal agreement drawn up covering the what-ifs and your individual rights and responsibilities.
Even if it is already held as TiC having no will could create a financial mess as under intestacy rules you wife only insets the first £270k of your estate plus 50% of the rest. The remainder goes to your children,
I would recommend you check out your local solicitors to day and make an appointment to get your will drawn up (and sort out the tenancy if it is an issue) If your friend is in the same boat he should do the same, and you both need lasting powers of attorney in place as sometimes loosing your mental capacity can creat more problems than dying.
Do that and see a solicitor. You can sever the tenancy unilaterally but speak to your co-owner as you are both in the same potential mess. Whether it's a joint tenancy or tenants in common.
of the land (not being a trust corporation) under
which capital money arises is to be registered
except under an order of the registrar or of the
Property (Miscellaneous Provisions) Act 1994 in
estate by the proprietor of the registered estate is
to be registered without a written consent signed
by the proprietor for the time being of the Charge
dated 27 January 2006 in favour of Bank of
Scotland PLC referred to in the Charges Register.