Until now, the general approach has been that a company cannot claim privilege against its own...
There are two different ways a couple can own property in England and Wales, as either Joint Tenants or Tenants in Common. Whilst this distinction makes little difference to the day-to-day occupation and use of the property, the way in which a couple own it does have a significant impact on what would happen in the event of the death of one of the owners.
If a property is owned as Joint Tenants, neither owner has a distinct share in the property (although the presumption in law is that the owner’s shares are equal) and if one of them were to die, the other would automatically inherit the whole property regardless of any provision in the deceased person’s Will. This is known as the Right of Survivorship.
Whereas if a property is owned as Tenants in Common, each owner has a distinct share and on death, that share can pass in accordance with their Will or if they did not leave a Will, the intestacy rules. A couple may prefer to own distinct shares if they have made unequal contributions to the purchase price, or they want the power to determine who inherits their property share in the future.
You can sever a Joint Tenancy to become Tenants in Common at a later date, usually by preparing a Letter of Severance.
It is up to the parties to determine which method of beneficial ownership is appropriate for them. A conveyancing solicitor can advise of your options and the effects of each, but the ultimate decision will depend on your intentions for the future.
If you would like any further information or advice in relation to buying or selling a property, please contact us on 01384 410 410 or send an email to residentialconveyancing@georgegreen.co.uk. You can also get a free quote by using our conveyancing quote tool on our website.