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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3497
Experience:  Solicitors 2 years plus PQE
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My husband has made application for severance of joint tenancy

Customer Question

My husband has made application for severance of joint tenancy of our home (prior to flight/new will also) He is self employed/small business advice.
Married 30 yrs . What are implications legally? Or sensible planning re preservation of taxes....home over 400t. How vulnerable am I?
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you for your question and welcome.

My name is AJ and I will assist you.

The main implication of severing a joint tenancy is that you will become tenants in common. This means you will each own a distinct share in the property individually, as opposed to owning the whole property jointly with indivisible shares.

Also with tenants in common, rights of survivor ship do not apply. That means you will not automatically inherit your husbands shares if he passes away (and vice versa), he would have to bequeth it to you in a will.

Do you want to discuss any of these points further?

Kind regards

AJ
Customer: replied 2 years ago.

Can understand tenants in common - and non inheritence of his/my shares - relevant for me to update my will asap.


1. How can I see his Will, to verify?


 


2. as we still have mortgage-interest only......would this enable him to extend loans etc without my knowledge ? does MORTGAGE become severed in names?


 


3. Is there advantages, re anyone claiming against his business. Or possible care planning fees for future - as in our 60s now. ??? wHAT might advantage of severences this be?? Other than 2 new WILL fees to lawyers? I did not agree to severence at time, too rushed prior to business flight/ short on facts. Severence has been lodged.


 

Expert:  Alex J. replied 2 years ago.
Hi

Thank you.

1. You cannot force him to show you his will I am afraid unless you are the executor;

2. No the mortgage still remains a joint and several liability. Assuming it is just a standard mortgage from a bank;

3. Even if you are joint tenants your share in the proceed from any sale would still be yours. Your assets do not become liable to his debts unless you personally guarantee his debts. This includes your share of joint assets.

I look forward to hearing from you.

Kind regards

AJ

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