Owning a property in your sole name would only entitle a non-owning partner to have a share in that property, either by agreement such as a Declaration of Trust (a document confirming the intention of both parties as to how a property should be held) or through costly Court Proceedings under the Trusts of Land Act. Any financial contribution by the non-owner, therefore, should be carefully considered.
Purchasing a property in joint names can raise other issues. If there are uneven contributions, e.g., money is gifted from the family or come from one party’s pre-existing assets then this should ideally be recognised in the legal title.
There are two ways of owning property. Commonly a property might be owned as “Joint Tenants”. There are no specified shares in the property and on the death of one of the parties the property is left in full to the survivor. On a split of the parties during their lifetime the law will presume that each is entitled equally to a share and to prove otherwise involves costly litigation.
Alternatively, a property can be owned as “Tenants in Common” where individual shares are set out. This might also be accompanied by a Declaration of Trust document which would confirm how and when the house might be sold on the death of one of the owners and might give a right to delay the sale if there are children of the family so that time for re-housing is required. Here a share of the property would not automatically go to the co-owner on death.
"I would like to say thank you for your help, support and guidance over the last two and a half years. Obviously should I need further assistance in the future I shall not hesitate to call you guys."
"We were very pleased to have Jade as our solicitor, the service was excellent and we felt kept in the loop which minimised stress"
"I don't think this house sale would have pulled together without Jo's determination and expertise. Excellent!"
"This is by far the go-to firm for any issues. You are made to feel valued from the outset and they are so confident in what they do. Wouldn't recommend any other. Thank you Hugh and Max."
- Ros Jones
"Prompt, helpful, polite and very professional service"
"Approachable, very efficient, always willing to take my calls and update me."
"Jade Shelton was absolutely fantastic!! Professional and proactive at all times."
"“ This is the second time we have used Tracey for the conveyancing to buy our new home. She is always completely approachable, she has helped us along the way with advice and useful tips that has helped lessen the stress. We have complete confidence in her and would not hesitate to recommend her to our friends and family”. - Peter Dawes, Cater Dawes Financial Planning "
"The ease that we could access and speak to Pat Smith - Thank you"
"We found Rachel Dawson outstanding, polite, professional and caring."