Tenants in common as a married couple issue and possible implications

baz8755

My wife and I were Joint Tenants on our property until several years ago a solicitor convinced us we needed a Life Interest Fund and to change the ownership to Tenants in common.

After investigation it would appear the Life Interest Fund is of little use other than lining the pockets of the solicitor so we are thinking undoing all the changes made including going back to Joint Tenancy.

Herein lies the problem.

I have read that going back to Joint Tenants incurs some quite hefty fees so was wondering what the implications of leaving things as Tenants in Common are and just leaving everything to each other in our wills.

Keep_pedalling

Having a will create a life interest is useful for some. Very appropriate for a couple on a second marriage with children from previous relationships, but for a couple with no children to leave their estate to pretty pointless.

If you both want your estates to go to the surviving spouse then you can do that through a new will no need to change ownership type as well. 

Bigphil1474

If you've got wills in place, then not sure it makes much difference. With joint tenancy, the survivor automatically gets the whole property, with TiC it would presumably go through some form of probate. Don't know how it affects IHT. Found this on a random search which suggests it's an easy job:-

"How Can I Change Property Ownership from Tenants in Common to Joint Ownership?

Good afternoon, this process is straightforward as long as all parties agree. You can hire a solicitor to assist you; however, if you feel confident completing the application on your own, you simply need to fill out form RX3 and submit it to the Land Registry. This will remove the restriction of being tenants in common and convert it to joint tenants.

Here is the government link to the form: https://www.gov.uk/joint-property-ownership/change-from-tenants-in-common-to-joint-tenants

I hope this information is helpful."

https://www.justanswer.com/uk-law/ffnw2-wife-own-house-tenants-common.html

Albermarle

f you've got wills in place, then not sure it makes much difference. With joint tenancy, the survivor automatically gets the whole property, with TiC it would presumably go through some form of probate. Don't know how it affects IHT.

It does not affect IHT. 
With a married couple if all assets are passed to the spouse, then normally IHT only becomes potentially payable on the second death. At which point the house will be 100% owned by that person regardless of how it was held previously.