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Transfer of Shares in Property and Joint Ownership
Transfer of Shares
There may be a time in your life when you need to amend the ownership of a property for a wide variety of reasons. These may include divorce or separation, for tax reasons, a rearrangement of assets, a wish to benefit your family, adding a new partner to the ownership, you wish to make a gift of the property.
We will provide the expert legal advice for all your questions and tasks transferring property equity.
In this instance, “equity” is a legal term meaning the rights of financial ownership rather than the plain English meaning which is used to describe the net property value.
If you are thinking about buying a property with someone else, we advise you to seek legal assistance to make sure you find the best option for you
The most common options are:
Equal share in the ownership of the property
Commonly used by couples buying together
If one party dies, the property will automatically be given to the other joint tenant transferring ownership to someone else in your will is not possible.
Tenants in Common
Suitable if different shares of the property are needed, but can also be used for equal shares
Suitable if the property is purchased by more than two people
If one party dies, the property will Not automatically be given to the other owner
Each owner can pass on their share of the property to beneficiaries of their choice under their will
Whether you have just bought your first home with your partner or whether you have inherited property together with beneficiaries, it is important that you understand the rules of joint property ownership. We are here to advise you.