A property is likely to be one of your most valuable assets, it is therefore essential that your interest in the property is clearly defined in writing. We can advise you of the nature of your interest in the property and if you co-own the property, what will happen if you or your co-owner decides to sell.
Mortgage conditions stipulate that details of co-habitees or other occupiers must be notified to the mortgage company prior to them taking up occupation. As an owner of the property you may not want your partner or co-habitee to acquire legal protection or an interest in the property. Our property specialists have years of experience in advising co-habitees about how each party can protect their interests.
Unmarried couples who own a property together should consider entering into a declaration of trust, especially if they are contributing disproportionate shares. A declaration of trust details information including the basis on which they own the property, their right to buy each other’s share as well as other information. We will draft the document in a straightforward manner so you know exactly where you stand.
If you have agreed to transfer a share of your property to someone else, you will need a specialist conveyancer to ensure that your interests are fully protected during the transfer of equity. As well as transferring the equity you may also need a declaration of trust. We will advise you of all the points you need to consider.
To speak to a specialist about any aspect of property ownership, please call or email us today.