• Owning A Property Jointly

    By Guest on 11th Jul 2015

    My husband and I bought our house together as tenants in common before we got married. We drew up a declaration of trust stipulating that upon sale he would receive his 40K deposit back and then the rest be split equally.
    We are now married. Is it advisable to change to a joint tenancy now? We would want the other person to automatically inherit should one of us die. Even if we stipulated in a will that we wanted the other to have the other half of the house does this still present problems if we are tenants in common?
    We would however want the 40K still protected in a declaration of trust - can we do this with a joint tenancy?

  • 1 Answers

    By Guest on 13/07/2015

    Hi,

    You can't switch from tenants in common to joint tenants and anyway, as joint tenants you have equal entitlement to the equity - entering into a declaration of trust would have the effect of severing the joint tenancy by operation of law. You should deal with this via your wills. You should also note that the act of marriage may have affected your entitlement to the equity in your home as well as your other assets and you may wish to consult a family lawyer about this

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