Thanks for your reply Tony.
Well, the usual way of protecting both your interests in the property is to make a Will as well as "severing the joint tenancy" of the property so you hold the property as Tenants in Common both own a separate 50% each in the house (or whatever percentage split you both agree on).
There are 2 ways in which parties can own a property- the first is by Joint Tenants, meaning that one the death of the first owner, the whole of the property passes to the survivor.
The alternative way is to hold the property as Tenants in Common meaning you both hold a separate percentage share each in the house, and which percentage share can be left to whoever you nominate in your Will.
Under your Wills, you can leave your respective share of the property to your nominated children, but include a provision stating that if the other party survives you, the other party is granted a right to remain living in the house for as long as they require/until they die/move into a Nursing home. This therefore allows the survivor to remain living in the property after the first party has passed. The Wills will then go on to say that upon the death of the second party, or whenever the survivor wishes to sell, your respective share in the house will pass to your children.
This is a very common situation and a local Wills Solicitor will have no trouble drafting these Wills for as well as severing the joint tenancy on the house if you currently hold it as Joint Tenants. The average cost for preparing the Wills would be around £350 plus VAT and for dealing with the severance of the joint tenancy it would be approx. £200 plus VAT.
I hope this assists and answers your question.
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