ChatterBank0 min ago
Deed of severance
I heard of this today in relation to someone whose husband is in a nursing home paying full fees, and am asking to satisfy my curiosity.
She is going to her solicitor to sign this tomorrow.
Can anyone explain what this means? From my googling, it seems that what is happening is that his financial share in the marital home will be reduced. Am I wrong?
She is going to her solicitor to sign this tomorrow.
Can anyone explain what this means? From my googling, it seems that what is happening is that his financial share in the marital home will be reduced. Am I wrong?
Answers
1 to 3 of 3
It means that at the moment they own their property as joint tenants. That means they each own the whole and the survivor will inherit the whole thing on the death of the first one to die.
They are converting it to a tenancy in common which means that each will own a half of the property.
You can't sell a half share in property in which someone is living...
They are converting it to a tenancy in common which means that each will own a half of the property.
You can't sell a half share in property in which someone is living...
19:04 Mon 15th Oct 2012
It means that at the moment they own their property as joint tenants. That means they each own the whole and the survivor will inherit the whole thing on the death of the first one to die.
They are converting it to a tenancy in common which means that each will own a half of the property.
You can't sell a half share in property in which someone is living because no one would buy it. Consequently, the value attributed to it would be next to nothing and therefore reduce his capital for the purposes of funding.
They are converting it to a tenancy in common which means that each will own a half of the property.
You can't sell a half share in property in which someone is living because no one would buy it. Consequently, the value attributed to it would be next to nothing and therefore reduce his capital for the purposes of funding.
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1 to 3 of 3
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