Many people only start investigating Tenants in Common after the death of a Joint owner who might be a parent or spouse, this usually happens because potential beneficiaries are concerned about the surviving Joint owner going into care at some point in the future and the care costs escalating to take the whole value of the property.
Although the official line form the Land Registry is that they cannot change a property to Tenants in Common after the death of one of the Joint owners we can overcome this by the careful use of a Deed of Variation with the permission of the surviving Joint owner.
The Deed of Variation needs to be created within two years of the death of the first Joint owner and is an instrument that alters the destination of the deceased’s half of the property, usually into a Protective Property Trust.
If you need this service, please call our dedicated advice line on 01305 774786 during office hours.