Hi
I would appreciate some guidance on the following situation:
My client owns a 60% share of their main residence under a joint tenancy arrangement with their spouse, with the remaining 40% owned by a Housing Association. There is still a significant mortgage outstanding, and the lease has approximately 143 years remaining.
Due to a serious, life-threatening health condition, my client is considering severing the joint tenancy and restructuring their beneficial interest. The intention is to grant a life interest in their share to their spouse, with the remainder passing equally to their two adult children.
I would be grateful for any advice on the feasibility and implications of this approach.
Additionally, I would appreciate clarification on how the Housing Association’s 40% share is typically held in such arrangements—would this usually be structured as a tenancy in common?
Many thanks in advance for your assistance.