Most residential properties mortgaged and unencumbered are owned jointly by, two parties 50/50%. However there is an alternative way of owning them in a different form. To change the ownership there is a legal procedure that can be entered into. 
This is called “Severing the Tenancy” and when expedited is referred to as Tenants in Common as opposed to joint ownership. When completed it is lodged with Land Registry on their register. 
Such action may be used to protect your share of the asset on several counts:- 
• To shield your share from potential care home fees in the future. 
• To ensure your share is passed directly to your beneficiaries – potentially for your own family. 
• To support, the apportionment of any rental receipts, to a preferred party, as transparency for HMRC when submitting annual Tax returns. 
• Ownership can be adjusted in several ways e.g. 75/25% depending on your own circumstances and objectives. 
The list is not exhaustive and generally sits alongside a suitable Will or Will Trust as a belt and braces exercise. 
Can you be sure that your property/properties are owned and registered in the right form to suit your personal financial circumstances? 
Do you wish to step up and take responsibility for the future of safeguarding your family, their future and the distribution of your Estate? 
For a free financial and personal review of your Estate contact Caroline J Maguire, Financial and Trust Consultant on 07950 622375 or via email at 
Next time I will cover The use of Trusts in Estate Planning 
Tagged as: Estate Planning, Wills
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