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More about Tenants in Common
If you own half your house then you might want to clearly define that ownership!
As Joint owners, if you die then the other Joint owner automatically owns the whole house no matter what it says in your will!
Also, if the other Joint owner goes bankrupt then their creditors can come after the whole house not just the other Joint owners share!
This can all be prevented by changing a Jointly owned house to Tenants in Common.
Tenants in Common allows you to clearly define your half and their half, you can change with or without the other Joint owners permission!
Once done you need to
write your will t
o say who your half of the house should go to in the even of your death to avoid any confusion.
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