Jeffrey Shaw Posted May 15, 2014 Share Posted May 15, 2014 Joint tenancy: In a joint tenancy, each person owns the whole property. If one of them dies the property automatically passes to the other joint tenant(s), which is known legally as the right of survivorship. Tenancy in common In a tenancy in common, when one of the partners dies their interest in the property will not pass automatically to the survivor. Instead, the deceased's Will determines who takes the interest, provided that they write one. If they don't write a Will, the interest is distributed in accordance with the laws of intestacy. More or less correct, but- in each case- both/all people do own the legal title as joint tenants. Since 1925, it's not been possible to hold legal title as tenants in common. What your post related to is the equitable (or 'beneficial') interest. Link to comment Share on other sites More sharing options...
ccit Posted May 15, 2014 Share Posted May 15, 2014 Since 1925, it's not been possible to hold legal title as tenants in common. Well, I am not sure what you mean by that - I don't understand the jargon. All I can say is that when we made our Wills and Power of Attorney three years ago we were advised to change the title of our jointly owned property to tenants in common. This we did, in the manner described above and it was accepted by the Land Registry. Are you saying that this is not correct? @Anna B - that was a lot of money but it will probably save a lot when the time comes for the Will to be acted upon. It also saves a lot of hassle and bad feeling among the beneficiaries. In my experience families will fall out over mere trifles - it can be quite pathetic. Link to comment Share on other sites More sharing options...
Mr Bloom Posted May 15, 2014 Share Posted May 15, 2014 Thankyou all so much for your advice. Good old Sheffield Forum. I've just made a will and was horrified at the cost, (best part of a £1,000 for me and partner) but from what you say, it might actually be money well spent. Believe me, it's worth every penny. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted May 17, 2014 Share Posted May 17, 2014 Well, I am not sure what you mean by that - I don't understand the jargon. The Law of Property Act 1925 makes legal joint tenancy the only possible legal ownership for two/three/four owners. They're deemed to hold on an implied trust; and its the beneficial interests under the trust that be held either: a. jointly in the same way; or b. as tenants in common. Here's the relevant bit of the Act: s.34 Effect of future dispositions to tenants in common. (1) An undivided share in land shall not be capable of being created except as provided by the Settled Land Act, 1925, or as hereinafter mentioned. (2) Where, after the commencement of this Act, land is expressed to be conveyed to any persons in undivided shares and those persons are of full age, the conveyance shall (notwithstanding anything to the contrary in this Act) operate as if the land had been expressed to be conveyed to the grantees, or, if there are more than four grantees, to the four first named in the conveyance, as joint tenants in trust for the persons interested in the land... Link to comment Share on other sites More sharing options...
speedy69 Posted June 18, 2014 Share Posted June 18, 2014 Not thinking of popping my clogs yet but can anyone recommend any good will making companies in Sheffield that you would recommend? Link to comment Share on other sites More sharing options...
poppet2 Posted June 18, 2014 Share Posted June 18, 2014 Not thinking of popping my clogs yet but can anyone recommend any good will making companies in Sheffield that you would recommend? Why not just pick up the package form from WH Smiths or Tesco's? Link to comment Share on other sites More sharing options...
Mr Bloom Posted June 18, 2014 Share Posted June 18, 2014 Not thinking of popping my clogs yet but can anyone recommend any good will making companies in Sheffield that you would recommend? Bell and Buxton, near Star offices, High Street. Link to comment Share on other sites More sharing options...
andrejuan Posted June 18, 2014 Share Posted June 18, 2014 Regarding the tenants in common situation. Does this take the property out of the inheritance tax equation upon the death of one person? Link to comment Share on other sites More sharing options...
tzijlstra Posted June 18, 2014 Share Posted June 18, 2014 I think ot is a shame there is still a stigma related to wills. We will all pass on, sooner or, hopefully, later. Sorting out a will isn't difficult, not all that expensive and can stop so much extra grief should the unforseen happen. I have witnessed a tug of war between family members that drove them to hate each other from going for coffee with each other every other day., all for 8000 euros. Link to comment Share on other sites More sharing options...
999tigger Posted June 18, 2014 Share Posted June 18, 2014 Regarding the tenants in common situation. Does this take the property out of the inheritance tax equation upon the death of one person? Joint tenants then passes by survivorship and no liability. TIC then counts as property and no survivorship. Be included in IHT calculations. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.