Severance Procedure
in Five Simple Steps
Step
One-:
Complete
your Personal details by following the link to the right.
Step
Two-:
Make
your payment via Pay Pal or if you prefer send a cheque made payable to
Willplan Ltd to
5 Priory Court
,
Tuscam Way
, Camberley,
Surrey
GU15 3YX
Step
Three-:
We
will complete a search of the property within 72 hours of receipt of your
payment.
Step
Four-:
Once
the search is completed and this normally takes five working days, we will send
a severance of tenancy deed and land Registry form for your signature along
with a prepaid envelope for you to return the forms to us.
Step
Five-:
Willplan
will lodge the forms with the appropriate District Land Registry and they will
update your Title and send you confirmation of this.
That
completes the Service and we Guarantee your complete satisfaction or your money
is refunded in full.
This means that the co-owners are regarded in law
as having separate shares. They may give their shares away by Will. On the
death of a Tenant in common the share of the deceased person is protected by
the requirement that another trustee has to be appointed before the land or
property can be sold. If the shares are not equal perhaps a 60/40 split then it
is advisable to have a deed of trust drawn up. Joint Tenants:
The joint owners are regarded as owning 100% of the
property and have no individual share, So that on the death of one of the joint
owners the property passes to the survivor. If there are more than two joint
owners then the property passes to the remaining joint owners. On the death of
a joint owner a sole survivor may sell the property by supplying proof of the
death of the other joint owner. A change of this ownership is beneficial to
assist with inheritance tax planning and also if a couple are in a second
relationship and have children from the first. Each owner can ensure that their
individual share passes by Will to their heirs. How does ownership effect our
Wills?
The terms joint tenants and tenants in common are
used to describe the way in which two or more persons can own a property or
land.
If a couple own a house as joint tenants then the
property passes to the survivor of them. This form of ownership offers no
protection from inheritance tax or the community care act.
If the couple now held their property as tenants in
common each owner has an individual share which in a lot of cases is equal but
if one joint owner contributes more capital at the time of purchase then this
can be reflected in the share that is held. This is commonly the way properties
are held if a couple or joint owners are not married and for property
investors.
It is recommended that in all case’s you effect a
professionally drawn up Will. Otherwise an individual share as in tenants in
common may pass on death to someone other than the person you may have wanted
to have your share.
Protecting your child’s inheritance should your
partner remarry.
Assists with planning matters to reduce inheritance
tax.
It may protect half of the property from being used
to pay for care home fees.
