Severance of Tenancy

The majority of homeowners in the UK are likely to own their property as Joint Tenants. For many this is an ideal arrangement as it means on the death of one partner ownership of the property automatically passes to the other.

However, Joint Tenancy is not flexible enough for those:

  • Who are concerned about Long Term Care Fees. 
  • Who have been married before and who want to ensure their children will receive their entitlement.
  • Those who jointly own ‘buy to let’ type investments and want to keep their share in the family.

A severance of tenancy ‘converts’ you to Tenants-in-Common giving each partner a discrete share in the property. This gives you the flexibility to dispose of your share as you see fit, or to use a number of flexible trusts.

If our consultants feel that Tenants-in-Common is a better option for you they will explain why and allow you to make an informed choice.