tenants in common

[johnny37]

If my wife and I want to sever our relationship as joint tenants and become tenants in common (to start IHT planning), is it sufficient to write an agreement to this effect, have it signed and witnessed, attach it to the deeds and send a copy to the Land Registry? Would this be sufficient proof for probate purposes?

[Peter Pedant]

You can sever a jointure by any document except a will.

You should see a solicitor - if you are sloppy you can get dinged for IHT and CGT

[Catso]

In theory, yes.

But as PP says, you're better going to get it done by a solicitor - better safe than sorry. Myself & the wife did this a few years back, it only cost about �50.

Remember, it's just as important to make sure you get an written agreement as to the shares, too.

[MustafaTickl]

You do not need a solicitor if you are capable of a bit of easy form filling and telephoning. Simply telephone your local District Land Registry Office and they will guide you through the process. You write the division of shares on the LR Form - 50/50, 60/40 etc. The LR fee will total about �60. You also need a Stamp Duty Land Tax Certificate, which you obtain by phoning 0845 6030135. A persons TIC shares are taken into account at death, and after grant of probate are changed into the name of the inheritor who can then deal with them in any way.

[Nether Edge]

Mustafa's reply not entirely correct.
1. To sever, Notice of Severance needs to go to HM Land Registry. There is NO fee for registering the appropriate restriction (form A).
2. To define shares, you need Trust Deed preparing and executing. This does NOT need to be registered, because it does not affect legal ownership, but an appropriate restriction may bve registered for �40.

[Nether Edge]

...and NO SDLT form required either- that relates only to Transfer deeds, and your legal ownership is not being transferred.

[johnny37]

From the above do I deduce that the answer to my orignal question is 'yes'. I believe anything can constitute a valid contract as long as the purpose is clearly stated and it is dated, signed and witnessed.

[MustafaTickl]

If you phone your local Land Registry you will find that what I have set out is entirely correct. There is no "Notice of Severance", there is no "Registering of a Restriction", there is no "Trust Deed" and there is no "Contract". The changeover is done entirely on the LR Forms, which you will find that you sign "as a Deed". Whilst there is no tax to pay you need an SDLT certificate stating this before the LR can move. Just phone your local LR and the number I have given you above, there is nothing else.

[johnny37]

Thanks. I telephoned LR today and they are going to send me the form. They told me I do not need a SDLT certificate either but I will check that out. I originally posted this question after LR told me they were 'unable to advise me', implying that it can only be done through a lawyer.

LR fee is �40 so it must have gone up since catso did it through his solicitor for �50.