HOW DO YOU OWN YOUR PROPERTY?
COMPLETE PROTECTION FOR YOUR SHARE OF YOUR HOME
You are probably aware that there are two main ways in which people own a property:
- Joint Ownership
- Tenants in common
When you purchase a property with somebody, you will be asked how you wish to own the property. Like most people, you may have selected to own your property 'jointly', and this is probably due to a lack of information or explanation surrounding 'tenants in common'.
People assume that by owning a property 'jointly', they own a share of the property. This is incorrect. 'joint owners' own 100% of the property each. This means that if one of you dies, the survivor owns 100% of the property themselves meaning that you have no control over your 'perceived' share and places the property at many risks for example this 'perceived' share going to another family through remarriage or being used to pay for care fees.
We specialise in changing the way you own your property from 'joint owners' to 'tenants in common', and can explain the whole process as well as answering all of our questions, covering all of the things that may you need to consider
Benefits of this service:
▶ Care Home Fees - Protect your share of your property ensuring this is not used to pay care fees;
▶ Sideways disinheritance avoided - avoid your home passing to another family through remarriage;
▶ Children from previous relationship? - this ensures your share of the property goes to your children and will not be lost to another family;
▶ Life interest - allows your partner to remain in the property until death or a specified period