Conveyancing Glossary
- Joint and Several
- Joint and Several used in connection with conveyancing most commonly refers to liabilities. When a mortgage is obtained in joint names both borrowers will be jointly and severally liable for the mortgage debt which in effect means both borrowers are responsible for the payments and redemption of the whole of the loan it is not a 50/50 split of responsibility. Conveyancing solicitors will explain this to conveyancing clients when reporting on the mortgage during the conveyancing process in a conveyancing purchase transaction. In the event of the death of one party to the mortgage and in the absence of any insurance policy to cover the mortgage debt the surviving party would be responsible for repayment of the whole of the outstanding debt.
- Joint Tenants
- In conveyancing terms joint tenants hold the property on trust for themselves. This means that in the event of the death of one of the joint owners the deceased parties share would automatically revert to the surviving owner. The Land Registry would only require a certified copy of the Death Certificate of the deceased owner to update the register. Conveyancing solicitors will explain this to purchasing conveyancing clients during the course of the conveyancing and obtain instructions from the conveyancing clients. The purchaser’s conveyancing solicitors will incorporate the basis on which the conveyancing clients wish to hold the property in the purchase deed as part of the conveyancing process and ensure the register reflects this before conclusion of the conveyancing formalities. See also TENANTS IN COMMON.
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