We also carry out the same process of changing from Joint owners to Tenants in Common but in unequal shares.
Many people wish to do this so that CGT shares are balanced due to other sales of assets or to reflect the investments made by each individual or for many other reasons. It’s not our place to offer advice on the reasons or the share amounts that people choose, that’s up to you.
The process is exactly the same except the Declaration of Severance details the shares held by each individual in percentage terms. It’s not necessary to make these changes to the Land Registry title SEV form so you can change the share amounts again if you ever need to.
We can help with this even if your property is unregistered, it’s just important that the Title isn’t changing hands in any way.
If you wish to do this, complete the standard form and make sure that you complete the percentages correctly and that they add up to 100%, then, make payment in the normal way using PayPal which is pre-set on the form.
Remember, unequal shares of Tenants in Common cannot be achieved unless both (or all) owners agree to the shares, this does not include any Mortgage company involved, just the Owners on the Land Registry Title.
Once you’ve specified what percentage shares you are going to own of the property and changed it ti Tenants in Common in those shares then you also need to update your wills to ensure that the process hasn’t been a pointless exercise. To do this you can click here or, alternatively call us on 01305 774786 and we can talk you through the various options in your wills and the different levels of protection that they provide.
Any queries, please get in touch with us.