Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
There are 2 ways that a property can be held-
1. As "Joint Tenants" which means that when one party dies, the property automatically passes to the other through survivorship.
2. As "Tenants in common" which means each party owns a specific percentage share in the property, which share passes on death in accordance with their Will.
You are correct and have been advised correctly, that by changing to Tenants in Common, you can safeguard Nursing Home fees, PROVIDED this is backed up with you both preparing Wills, leaving your 50% share to your children.
I confirm that you are able to change to Tenants in common even though you have a Mortgage. All what is entailed is a simple application to the Land Registry, which most Solicitors would charge approx £50-£100 plus VAT.
I must say therefore, that the fee you have been quoted to change to Tenants in common, is astronomical.
The average cost for preparing Wills and dealing with the conversion to Tenants in Common costs £400 plus VAT.
I therefore suggest that you phone round a few local Solicitors asking for a quote to do your WIlls and the Tennacy in common work, and I am sure you will find a suitable Solicitor to assist.
I hope this assists and answers your question.