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Transfer of property

Transfer of property

We understand that dealing with the transfer of property after a loved one’s death can be a challenging and emotional process. It’s crucial to understand how property ownership affects the transfer process. This guide will help you understand the differences between joint tenants and tenants in common, and how each impacts property transfer after death. 

What is Property Transfer After Death?

Property transfer after death involves changing the ownership of a deceased person’s property to their beneficiaries or co-owners. The process varies depending on whether the property was held as joint tenants or tenants in common. 

Types of Property Ownership

When property is co-owned, the type of ownership determines how it is transferred after death. The two main types of co-ownership are joint tenants and tenants in common.  

Joint Tenants

Definition: As joint tenants, co-owners hold the property equally. Each joint tenant has an equal share, and if one owner dies, their share automatically passes to the surviving joint tenant(s). 

Key Features:

  • Right of Survivorship: The most significant aspect of joint tenancy is the right of survivorship. When one joint tenant dies, their interest in the property automatically transfers to the remaining joint tenant(s), bypassing the deceased’s will or intestacy rules.
  • Equal Ownership: Joint tenants must own equal shares of the property. For example, if two people own a property as joint tenants, each owns 50%.
  • Unified Interest: All joint tenants have an undivided, equal interest in the whole property.
  • Involves UK property (even if it has no tax liabilities but involves UK assets).

Pros:

  • Simplicity in Transfer: Upon the death of a joint tenant, the transfer of ownership is straightforward and avoids the probate process.
  • Ideal for Couples: Joint tenancy is often chosen by married couples or partners who want to ensure the property automatically passes to the survivor. Caution should be taken if they are thinking of gifting to someone other than each other on their death or if they wish to set up a life interest trust.

Cons:

  • Lack of Individual Control: Joint tenants cannot sell or transfer their share independently without breaking the joint tenancy.
  • Not Suitable for Unequal Contributions: If co-owners contribute unequally to the purchase price, joint tenancy might not reflect this investment accurately.

How We Can Help

Navigating property transfer after death can be complex, and choosing the right type of ownership beforehand can ease this process.  We offer comprehensive legal advice and services to help you manage property transfers and ensure a smooth transition during such difficult times. 

  • Initial Consultation: Discuss your specific situation and goals to determine the best ownership structure for future property ownership where more than one beneficiary inherits a property
  • Legal Documentation: Prepare and review all necessary legal documents to establish or transfer property ownership.
  • Estate Planning Advice: Offer guidance on how property ownership structures can affect your estate planning and inheritance.

"We were extremely impressed with every aspect of Madeline in arranging the writing up of our Wills last month. Ask for Madeline as she is well aware of the nuances of the correct information required to ensure your wishes are carried out and safeguard against challenge when you are no longer able to."

Mr & Mrs J Private Client

"I was assisted by the solicitor, Madeline Harris. She helped me to create a Will and validate it. I feel a need to express how thankful I am, as the help she provided was above and beyond my expectations. During the whole process Madeline provided me with all needed information, answered all my questions, organized the process so quick, clear and concise. I am extremely thankful. That was a pleasure to be welcomed, to feel supported and good to notice how polite all the communication happened. I wish Madeline all the best at her career."

A.M Private Client

"I was so grateful to have engaged Madeline Harris of NE Family Law to assist with a family succession arrangement. Madeline took the time to listen and understand the arrangement I sought to put in place. She was easily contactable and responsive to my many questions which assisted me to feel comfortable with dealing with complex legal matters later in my life. Madeline made it straightforward to put the arrangements in place and it was actioned efficiently without complications. There was clarity in our communications at all times which put my mind at ease. I would certainly work with Madeline again."

Mrs W. Private Client

We’re here to help

For more information or to schedule a consultation, please contact us. 

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