Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
May I ask if you have reached any agreement between you as to what equity split you would like to provide for please?
Yes we have agreed on the split
Thanks. May I ask what it is?
Yes. We have agreed that we will both expect the other to live in the house when one of us dies. Then when we are both dead my children get 40% each and his get 10% each
Thank you. What you seek to achieve is quite possible but requires a few more steps than just your will. The advice you have received that you cannot provide for this directly in your will is correct. There are three steps in total that are required but in practice can be carried out altogether and it is not a drawn out process.
What do we have to do
The first step is to ensure that you are registered as tenants in common rather than joint tenants as you may presently be. The difference between the two is that if you are joint tenants then irrespective of what your wills may say, the property will automatically pass to the survivor on the first of your deaths. You can prevent this by ensuring that you are registered as tenants in common which means your respective shares are dealt with under the terms of yur will rather than automatically passing to the survivor of you as per joint tenants.
To achieve this a solicitor can prepare a simple delcaration for you to both sign severing your joint tenancy.
At the same time you will wish to consider asking your solicitor to prepare a simple declaration of trust deed which declares that you own the property as tenants in common (as above) in the shares 80% you and 20% he. That completes regularising your respective ownership of the property. The deed of trust should be retained safely as evidence of your respective shares.
Will this be expensive
The last step is then to address your wills. You would wish based on what you say to provide for a life interest for each of you in the property to ensure that the survivor can continue to live in your property and then after the death of the survivor that your respective shares pass to your children. Because you have previously declared your respective shares in the property and your respective wills can only leave what you own then the respective shares that will be left to your children would be the 80/20 split you wish.
Can you e mail me this information so I can retain it
Severing your joint tenancy can be done yourself if you wish using the following form but it is easier to ask your solicitor who prepares the above deed to do this for you too. It shouldnt add much if anything to the bill as it is a very simple form:www.landregistry.gov.uk/_media/downloads/forms/SEV.doc
This just leaves your wills which you appear to already have a contact for in terms of preparing them
Yes certainly. You can either copy and pasted the thread into a document of your choosing or I can ask customer services to assist you with a copy if you prefer?
Thank you. Yes please ask them to send me a copy by e mail as I am not too good at saving documents. Thank you for your help and advice
Certainly. I will.
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You were excellent. Thanks