Severence of Tenancy??

[ROY]

I have recently seperated from my wife and today had a letter about severance of tenancy on our house. She says it's to make selling the house easier but I am not sure I really understand what is about. Can anyone shed any light on what this actually means, anyone been through a seperation / divorce that can offer me any advice??

 

Thanks

 

Roy

[Kes]

This might help, basically your wide has been advised that if she dies or you die, your individual estates would go to their beneficiaries and not to the husband or wife as automatically would be the case.

Because she is thinking divorce she wants her money to go somewhere else, her Estate if she dies, check with a solicitor but this is helpful.

http://www.marilynstowe.co.uk/2012/01/18/divorce-joint-tenancy-and-how-to-prepare-for-the-unexpected/

[ROY]

Is it something we both need to do or is it enough that she is doing it?

 

Thanks

 

Roy

Edited May 24, 2014 by ROY

[rorygall]

She's done it so no need for you to do anything. Do you have a will? If not and you pop your clogs before you are divorced she will get the first £120k (I think this is correct figure but may have changed) of your estate.

[HDAV]

Joint tennants and tennants in common are the 2 options, forget which is which. Look them up, you need a solicitor ASAP, both for a will and for a proper explanation of the implications. AFAIK it will make selling the property no easier, if there is a mortgage you'll need to inform/check with them also.

[Mungler]

Joint tenants = if one snuffs it the survivor cops the lots and this happens outside of the deceased's Will (and such that the deceased's interest in the property is not treated as forming part of the deceased's estate with regards to the deceased's Will or the rules of intestacy in the event that the deceased doesn't have a Will).

 

Tenants in common = each party holds in specific shares and such that if one dies, the deceased's interest in the property forms part of the deceased's estate and will be dealt with and distributed in accordance with the deceased's Will or the rules of intestacy.

 

Broadly, if you are getting divorced you need to :

 

1. Get Proper independant legal advice from a solicitor not a bunch of chumps off the internet or a bloke down the pub

2. Check all property, bank accounts and assets to see what is held, by whom and how. As an aside, the classic we see at work is the scenario where an old dear on her last legs who either doesn't have the capacity to make a Will or who doesn't want to make a a Will, and a 'caring' neighbour or relative will open a joint bank account with the old dear or instal themselves as such onto an existing bank account and will then systematically liquidate the old dears other accounts and assets but deposit the proceeds in the joint account (this normally 'mugs off' the old dear or other relatives who still have visibility of the old dears's funds in an account with the old dear's name on it). Then when the old dear snuffs it the joint account holder automatically cops the lot. I digress.

3. Check all other insurance policies, life cover, investments, death in service benefits (etc) and make sure they are current such that if you get hit by a bus the right people get any available wedge and not the ex.

Edited June 5, 2014 by Mungler

[robbiep]

Do take proper legal advice on this. Basically though, as it stands currently she would need to get your agreement to a sale (or, if you vanished or were being deliberately obstructive, a court to sign on your behalf). However, if you go this then she can sell and you have no say in the matter.

Now, that all sounds fine, but it could be abused.

For example ...

 

She sells to a family member of hers - for £50k under real value. Six months later, it's sold again, for the real value, on the open market. You get left out.

 

Now, I'm not saying that is going to happen. But you do need to take some proper legal advice, and not just take her word for it that it will 'make things easier'

Edited June 5, 2014 by robbiep

[HDAV]

Personally I don't see how it will "make things easier" whether you sell to her or vice versa or both to a 3rd party!