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Co-Own Your Home the Right Way

Co-Own your Home the Right Way

Deed of Severance

The way you co-own your home with your other half really matters.

If you are a couple and you own your house together, your co-ownership will have been registered in one of two ways – either as “joint” owners, or owners “in common”.

The way your co-ownership has been registered is crucial to the effect of your will.

If you are “joint” owners, when the first of you dies, the other will automatically become the sole owner of the house, irrespective of what your will says. This the “Right of Survivorship”.

If you are owners “in common”, however, it’s like owning shares in a company. Your shares in the house are yours to leave according to your will as you see fit.

Consequently, you can achieve a lot more with your wills if you own your house “in common” rather than “jointly”.

If you leave your house in “joint” ownership, that can have unintended consequences for your will, as happened in the story of Ebenezer Aregbesola that we have shared in our blog.

Most married couples, however, are automatically registered as “joint” owners of their home.

If you are “joint” owners, you can convert to ownership “in common” relatively simply, by making a Deed of Severance and registering it at the Land Registry.

The cost of making and registering a Deed of Severance is £150. It is also included with the Family Trust Will, which is in turn included in our Testamentary, Intermediate and Comprehensive Estate Plans.

"I am a retired divorcee with a complicated family situation. Allowing my estate to be distributed in line with to the intestacy rules when I am gone would not have been a fair reflection of my wishes, so I knew it was vital that I make a will. I wanted to ensure that particular members of my family were provided for. I also have a child who is self-employed, and I was worried about providing for her in case her business failed and her inheritance was seized by the Insolvency Service. Will Written have created an estate plan for me that places my assets into a trust when I am gone, so that the trustees can manage my assets and keep them in the family."

John M

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