Overview of how to change home ownership?
Posted: September 14th, 2021, 7:12 pm
I'm considering 2 possible options that might arise and would appreciate if anyone could give me an overview of these options, whether it's simple or complex, and what complications might arise.
1. For a family home, transferring a shared Tenancy in Common arrangement to give one of the parties 100% ownership.
2. For a family home, changing a shared Tenancy in Common arrangement to a Beneficial (aka) Joint Tenancy.
As I understand it (if it's correct) transferring to 100% ownership requires the co-owner giving up their half of the ownership to meet their solicitor, express their wishes, then the solicitor sends them the required papers, and the co-owner then visits the solicitor again to sign the papers in their presence.
1. For a family home, transferring a shared Tenancy in Common arrangement to give one of the parties 100% ownership.
2. For a family home, changing a shared Tenancy in Common arrangement to a Beneficial (aka) Joint Tenancy.
As I understand it (if it's correct) transferring to 100% ownership requires the co-owner giving up their half of the ownership to meet their solicitor, express their wishes, then the solicitor sends them the required papers, and the co-owner then visits the solicitor again to sign the papers in their presence.