Severance of Tenancy

Becoming Tenants in Common, made simple.

Get your free guide

Our free guide explains everything step-by-step. Grab your copy today.

Download now
Call Us

Have a chat with one of our friendly experts.
Estate Planning 0800 9 500 100
Probate  0800 9 500 127

Reduce the threat of third party elements

Without adequate estate planning your estate could pass outside of your choice of beneficiary.  Helping you to organise a Severance of Tenancy is one way Honey can help you to protect your property for the benefit of those you care about.

What is a Severance of Tenancy?

  • Normally, when people buy a property together, they purchase as Joint Tenants, meaning that they both own the whole of the property.  When a Severance of Tenancy occurs they become Tenants in Common instead.
  • Becoming Tenants in Common means you each own a percentage of the property – usually 50% each but you can define the portions into unequal shares if you wish, for example, if you have put a disproportionate amount of funds into the purchase of the property.
  • More often than not the application is done mutually by both parties, however this is not necessary and can be done by one party alone as long as the joint owner is notified. This is useful when divorce proceedings are considered and there is a need to avoid your share of the property transferring automatically to your spouse if you should die before the financial situation is resolved.

What are the benefits of a Severance of Tenancy?

  • A Protective Will Property Trust is only effective if the tenancy is severed.
  • If joint owners have contributed unequal funds towards the purchase of a property and the tenancy is severed into defined portions, the proceeds of sale will pass to the right beneficiary under the terms of the owner’s Will.
  • If a Severance hasn’t taken place and one of you dies, the property will automatically transfer to the other owner – severing the tenancy avoids the automatic transfer to the joint owner and your share can be protected for someone other than your partner.
  • When there is a Severance and a Protective Will Property Trust – if you die and your joint owner change their mind about their choice of beneficiaries this will not affect your decision thereby protecting your chosen beneficiaries.
  • No one likes to think about their spouse re-marrying after they have died but it could happen and in doing so any existing Will they had would become void. The new partner would inherit whatever your spouse owned should they predecease them, meaning your estate could pass to your spouse’s new partner and not your children. Severing a tenancy is the start of you protecting your share of your property for your loved ones.

For any additional information contact Honey by calling us on 0800 9500 700 to arrange a free, no obligation initial consultation at a time convenient to you and your loved ones, in the comfort of your own home.

Free info pack

Frequently Asked Questions

With our vast experience in estate planning, we aim to be able to answer all your questions in a way that everyone will understand.

Find out more

Get Your Free Guide

All the information you need about us and the important products you should be considering – all in one simple, easy to understand guide.

Download now

About Us

We take pride in our company ethos and the services we provide. Make the right choice. Choose Honey to help you grow and protect your assets.

Find out more

Protect your estate & build your wealth today

Contact Us
Give us a call

0800 9 500 100

9am - 5pm Monday to Friday

Have we answered your questions?
See our Frequently Asked Questions