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Wills and Homeownership - What Every Couple Should Know

Leasa Foster Leasa Foster
Monika Volsing Monika Volsing
5 min read

Wills and Homeownership Are Always Linked

Wills and homeownership go hand in hand. It’s a fact that people don’t always realise when they come to buy their first home. Without a legally binding Will, your share of a property may not pass to the person you would wish it to go to. In this article, we break down exactly why Wills and homeownership are intrinsically linked. And how we can support you with both aspects of buying a house.

To discuss Wills and homeownership call 0113 320 5000

For many couples, marriage marks a new chapter in life. A time of love, commitment, and shared goals. One of the biggest milestones in this journey is buying a home together. It’s an exciting step, representing security, stability, and the foundation of your future. But while choosing paint colours and planning renovations may be front of mind, there are also important legal considerations that should not be overlooked.

We know that safeguarding your financial future is just as crucial as finding the perfect property. Understanding different types of homeownership and ensuring your Will reflects your intentions are essential steps in protecting your assets and your loved ones.

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Understanding Homeownership - Joint Tenants vs. Tenants in Common 

Before signing on the dotted line, it’s important to understand how you and your partner will legally own your new home together. There are two primary ways to hold property jointly in England and Wales.

Joint Tenants 

In this arrangement, both partners own the entire property together. If one partner passes away, the other automatically inherits the property in full, regardless of what is stated in a Will. This is known as the “right of survivorship.” Joint tenancy is common for married couples who want to ensure their spouse remains secure in the family home.

Tenants in Common 

This option allows each person to own a specific share of the property, which can be equal or weighted differently. It’s often chosen when one party contributes more financially to the purchase price, as it provides flexibility and ensures their share is protected. Unlike joint tenancy, tenants in common can leave their share of the property to a chosen beneficiary in their Will rather than it automatically passing to the other owner.

If one person is investing significantly more in the property, we often recommend drafting a Declaration of Trust. This legal document outlines the exact ownership proportions, ensuring clarity and protecting each party’s interests should circumstances change in the future.

Why Buying a Home Means Reviewing Your Will

Many people don’t realise that purchasing a home together can have legal implications beyond just ownership. That’s why Wills and homeownership are part and parcel. Buying a house is a major financial commitment. Without a proper estate plan in place, complications can arise in the event of a partner’s passing.

One key legal consideration is that marriage automatically revokes an existing Will unless it was made “in contemplation of marriage.” This means that, even if you previously outlined your wishes, those instructions may no longer be valid. Without an updated Will, your assets, including your home, could be distributed according to intestacy laws rather than your personal wishes.

To avoid unnecessary stress for your loved ones, it’s essential to create or update your Will when you buy a home or get married. This ensures that:

  • Your property is passed on according to your wishes
  • Any specific instructions regarding your share of the home are legally documented
  • Your spouse or partner is financially secure
  • Family disputes over inheritance are minimised

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The Risks of Not Having a Will

Failing to put a Will in place can lead to unexpected and sometimes upsetting outcomes. If you’re married but haven’t made a Will, your assets, including your share of the home, may not go entirely to your spouse. Instead, they could be divided among other family members, depending on intestacy laws.

Similarly, if you’re unmarried but own a home with your partner, they may not automatically inherit your share, even if you lived together for years. Without a Will specifying your intentions, your assets could be passed to your next of kin instead. In cases where you have children from a previous relationship, your home might not be distributed in the way you would have wanted, potentially causing disputes among loved ones.

A Will gives you peace of mind, knowing that your home and assets will be handled as you intend, rather than being left to legal default rules.

Wills and Homeownership - Protecting Your Future

We understand that buying a home is one of the biggest financial decisions you’ll ever make. That’s why our expert Conveyancing and Private Client teams work together to provide comprehensive legal advice, ensuring your property and estate planning needs are covered.

We offer expert conveyancing advice, which can help you to understand homeownership types and the legal implications of joint property ownership. Our experts can help you to draft a Declaration of Trust. This protects each party’s financial interests when ownership shares are unequal.

Will-writing and estate-planning services can ensure that your assets are passed on according to your wishes. This includes updating existing Wills. We offer help with reviewing and revising your Will to reflect changes in your marital status or property ownership.

Secure Your Home and Your Legacy

Getting married and buying a house are exciting milestones, but they also come with responsibilities. By taking the time to put the right legal structures in place, you can protect your financial future and ensure your loved ones are taken care of.
Whether you’re a first-time buyer or adding another property to your portfolio, don’t overlook the importance of Wills and homeownership. Our conveyancing experts can help your house purchase to go smoothly, offering clear advice and support on Wills and homeownership.

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