Did you know that when you buy a property jointly with your partner, the property is presumed to be jointly and equally owned, irrespective of the contributions you’ve both made? Increasingly, we help parties where they might be coming in to the purchase with capital they’ve saved before the relationship began, and where they might be contributing different amounts towards this. If the relationship broke down, then without having clear documentation in place there becomes confusion and a risk of expensive litigation to sort out who has what.
Having a Deed or Declaration of Trust in place avoids the confusion, and ensures that you’re all on the same page. It can record interests in the equity (in the event of relationship breakdown, leading to a sale or buy out), and it can even set out the shares you’ll each meet of the household running costs or division of any income received. This is increasingly popular for parties who are renting a property out.
These documents are tailored to your individual circumstances to make sure they work as you need them. They can be entered into at the point you’re buying, or at any time afterwards, and they can be drafted and finalised within a few short weeks.
If you’d like to have a chat or for a quote, please contact the Family Team on 01323 819519 or family@eminread.co.uk