Property Buyers Match must draw up a co-ownership agreement
Property Buyers Match must draw up a co-ownership agreement to protect their share in the property. When you buy a property jointly with friends, family, flat mates, you share the property as
tenants in common
.
The definition of tenants in common is where each person sharing ownership of a property holds an individual, undivided common ownership interest in a property.
It means that each joint owner can transfer their own ownership interest to anyone else and if they die, their interest passes to their estate. Tenants in Common is one of two forms of owning property jointly under English law, the other being
joint tenants
, which normally concerns people who are married or in a civil partnership - they own their property equally in one 100% indivisible equal share.
Are you buying a property jointly? Get Shared Ownership Protection the comprehensive co-ownership agreement
What do joint Property Buyers need to protect
When buying a property with someone else there are some points that need to be agreed in a comprehensive co-ownership agreement and it doesn't just relate to money:
-
How much did you invest?
-
What is your share of the property?
-
How much do you get paid when you sell?
-
What happens to your share if you die or disappear?
-
How can you leave if your joint owner doesn't want to sell?
-
What happens if someone is in the property and you want them to leave?
-
What happens if a joint owners stops paying their mortgage repayments?
-
How are the bills split?
-
What happens if you fall out and need help reconciling the relationship?
If you haven't agreed all these points at the outset and your relationship does deteriorate then you'll be faced with arguments, disagreements and potentially a costly fight to get your money out of the property
Property Buyers Match Deposits & Lifestyles?
Joint property buyers should match not only their finances, but also their living lifestyles. It is no good being able to afford a property when you can't live with person you have bought it with because their living habits don't align with yours.
A co-ownership agreement can include a
cohabitation agreement
which allows you and your joint owner to agree how you'll live together. A cohabitation agreement can even go into details about:
✓
how the property will be used;
✓
if you can have parties;
✓
are pets allowed;
✓
can you smoke;
✓
can friends stay over; even
✓
what rooms are private and which are used by everyone.
Shared Ownership Protection for Property Buyers
Property buyers who match use our Shared Ownership Protection as their comprehensive co-ownership agreement. It is drafted to your specific circumstances and is easy to understand with all of the legal details clearly explained.
Are you buying a property jointly? Get
Shared Ownership Protection
the comprehensive co-ownership agreement
