PERSONAL ADVICE

PURCHASING A HOUSE



Buying a house with a partner
It is common for couples to purchase and maintain a property together with their joint incomes and assets. However, few couples realise - from a legal point - of view how big a step this is and often fail to arrange legal protection should the worst occur and you no longer live together.


We’ve answered some frequently asked questions to help clarify what legal protections you can have in place when purchasing with a partner.
 

Q: Should I buy a property with my partner?


A: Using your joint income to buy a property with a partner, is very common. Before going ahead you should consider:

BUYING A PROPERTY - MAKE A WILL

Q: What is a Will UK?


A: Your will is the most common and useful tool for establishing your personal assets and wishes for the future. It includes exactly what assets belong to you rather than your partner. 

 

Q: Why do I need to make a Will UK?

 

A: It is essential you have a will in place, otherwise, your estate could go into intestacy. If it does, there is no guarantee who will inherit your assets.

We encourage you to make a will when buying a property, whether jointly or solely.  A will is essential for security in the future. 

COHABITATION AGREEMENTS

Q: What is a cohabitation agreement UK?


A: A cohabitation agreement is a document that sets out in advance a couple’s financial arrangements and any other personal agreements they wish to be included.

 

Q: Why do I need a cohabitation agreement UK?

 

A: It provides details of what the couple expects from each other should various circumstances such as death or separation occur.

 

Q: Is a cohabitation agreement legally binding?

 

A: Although the courts may not always enforce all of the clauses (as these agreements are considered honorary) they do tend to provide peace of mind and a point of referral.

Of course, there are a variety of means to provide you with security when purchasing a property with a partner. And it is so important you both take legal advice before agreeing on a course of action.

DECLARATION OF TRUST

Q: What is a declaration of trust UK?


A: A declaration of Trust is a legal document that is used to outline the financial arrangement between joint owners of a property. 

 

Q: Why do we need to have a declaration of trust UK?

 

A: This document is commonly used when an unmarried couple are cohabiting and clarifies the percentage of deposit each person will pay. It also includes:

  1. The percentage of the property each person will own,
  2. How much the owner will contribute towards mortgage payments,
  3. What will happen should the owner decide to sell their share.

Please note that this is a basic guide, for more information please get in touch today.





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