A legal document used to terminate joint tenancy between co-owners of property in the UK.
This notice is often utilized when co-owners wish to own individual shares of the property, thereby removing the automatic transfer of ownership upon death to the surviving owner. By severing the joint tenancy, each owner can pass their share through their will, creating distinct ownership rights and responsibilities.
The process requires clearly notifying the other co-owner(s) of the change in ownership structure. Once the notice is served, the property ownership is divided, allowing each co-owner to control their respective share independently.
A Notice of Severance of Joint Tenancy is primarily used by property co-owners who hold a property under a joint tenancy arrangement. It is an essential document for individuals who wish to change the ownership structure to a tenancy in common.
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