Unmarried couples should give very careful consideration to property ownership. Many buyers are not aware of the legal issues that flow from owning a property in either their sole name or in joint names with their partner. We will advise you what is the most suitable form of ownership for a couple.
This issue is especially relevant where one party has provided all or most of the deposit monies. We can advise on the considerations involved and draft a Declaration of Trust to protect your respective interests in the future, to avoid disputes and legal fees in the future.
A declaration of trust is a document which records how a property is to be owned by joint owners. If more than one person is involved in the purchase of a property, a declaration of trust can be prepared to state what shares of the property each person owns. It can take into account insurance, mortgage and repairing obligations stating who is to be responsible for future payment and in what proportions.
In the event of a relationship breakdown, a declaration of trust will be clear evidence of your intentions when you purchased your property. It can also contain mechanisms for the sale of the property in circumstances where the joint owners cannot agree a way forward.
For more information contact a member of the team or complete an Enquiry Form.