Tenants in Common: What happens if the Declaration of Trust is revoked

benawhile

Hi

My partner and I bought a house in 2018 in unequal shares as Tenants in Common. We have since agreed that we have equalised our investment in it and would like to change our share from 75/25 as in the original declaration of trust to 50/50. Can this be done simply by cancelling the declaration and going to a default equal share? Is a solicitor needed? It appears that our wills have been written such that they won't need to be altered.

There is however a clause in my will that has become redundant. It is a "Life Interest Trust" will and in the period between 1st and 2nd death I undertake to give an additional £75K cash sum for improvements. I have now spent this sum on required improvements. The clause states "If this work has not already been carried out". Can this clause simply be ignored as redundant or should a new will be drafted?

Nothing else is changed regarding our intentions in our wills, except we are now married , (Each  will states intention that the will is not revoked by marriage) my wife's surname, and addresses of trustees.

Our solicitors have quoted £1.5K to write a new will as well, which we think is unfair, but there is the complication that they possess the deeds, and we are thinking of changing solicitors.

RAS

Your deeds should be with the Land Registry, costs £3 to check the details.

benawhile

I know that so I am not sure how this has helped to answer my question. I have a copy of the deeds in front of me.

Brie

You could add a codicil to the will I believe to explain the situation.  Or lodge a letter of intent with the potential executers (with a copy with the will).

No reason your solicitors need to have the deeds as far as I know.  Everything is online these days.  

If they have your wills you could simply ask for them back.  And check out "free will month" which I think is November.  Solicitors will do a simple will for free on the condition that you donate £75 each to charity (I believe).  And it sounds like your circumstances are getting simpler rather than more complicated from what you have stated in your post. 

benawhile

Thanks Brie but I really want to know what happens if the D o T is revoked.

km1500

If the dot is revoked then you go back to the default position of 50-50

doodling

Hi,

The only reliable way of revoking the previous Deed of Trust is to write a new Deed of Trust that states that the shares are 50/50.

Any other approach leaves open the questions of (1) has the previous Deed of Trust really been revoked and (2) if it was, why was it, was there really an intention to change the ownership proportions?

With respect to the will question, it would do no harm to get a written statement, preferably independently witnessed, from whoever else would benefit from the improvement works stating that they agree that the works have been satisfactorily completed.  Keeping that with the will will simplify your executors' life.

There shouldn't be any deeds for your solicitors to hold (land ownership is determined by the contents of the computers at the Land Registry which are by definition correct (give or take the time it takes to update them)) so it might be worth understanding what documents they have.

benawhile

Thanks Doodling that's very helpful. It would be nice to at least avoid having to get the will re-written. Is the fact that since the will we are now married and wife has changed her name a problem in general with wills? It must happen  lot.

km1500

you don't need a new dot saying 50-50 as that is the default position. 

All you need is  to revoke the original dot - draw up a signed bit of paper if you need it documented

benawhile

km1500 thanks for your reply but it is rather vague. You seem to be suggesting that I don't necessarily need documentation to revoke a dot. How else do I legally revoke it?

km1500

Tear it up together and in the presence of each other