You will have some important decisions to make when buying a house or flat and there is a lot of information to take in; for example, you will need to understand the conveyancing searches carried out on the property. If you are buying the property with someone else, you will also need to decide on the form the ownership will take. There are a couple of options, and a legal expert can help you decide which would be best.
How can you own property?
According to the government, you can own property as joint tenants or tenants in common. As joint tenants, you have equal rights to the property but can’t pass on ownership in your will. When you are tenants in common, you can own different shares of the property and can pass your share to whoever you wish.
What is conveyancing?
The type of ownership you wish to enter into will be set up as part of the conveyancing process when you purchase a property. Conveyancing is the legal process of transferring ownership of a property from a seller to a buyer. It also involves conveyancing searches to make sure you are aware of any pitfalls that could be associated with owning the property. Searches are often carried out with local authorities, water companies, and environmental authorities.
Can you sever a joint tenancy?
Yes, you can sever a joint tenancy. The severance of joint tenancy is often carried out so that the owners can share the property income in unequal proportions, perhaps for tax reasons, or when the relationship between the joint owners has broken down. The process should be conducted by legal experts such as https://www.parachutelaw.co.uk/severance-of-joint-tenancy.
How do you sever a joint tenancy?
The severance of joint tenancy may be carried out by a legal expert, but the owners have a key role to play; for example, they have to agree on what share each party will own. Sometimes, one party may feel that they should have a larger share, which may be because they contributed more towards the purchase cost or to the upkeep of the property.
A notice of severance of joint tenancy is served and HM Land Registry must be informed. In straightforward cases, the process may only take one or two weeks; in more complicated cases, the process will take longer.
