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Co-Owning Property

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Co-Owning Property

If you and your partner are buying a home or investing in property together, its absolutely essential that you take the right advice before you do so.

Many people think that by living together, or sharing living costs, they become authomatically eneitled to a share of the property. That is absolutely not the case: whilst there are repeated calls for the law to change to keep up with modern times, there is currently no such thing as a 'common law marriage. No matter how long you share a home with a aprtner, you may be entitled to no share whatsoever of the proeprty if you break up. The answer is to put the right documentation in place when you buy it.

A Declaration of Trust can be prepared which will state categorically who owns what share of the property. Wills are essential to make provision for what would happen to the property if one of the owners died. Cohabitation or living togehter agreements can set out not only who owns what, but how living costs are to be shared, what would happen to things like pets, and cars and hwo the contents of the house would be divided in the event of you going your separate ways. Because there is no specific 'cohabitation law' in place in this country yet, there aren't always hard and fast rules about what happens in a dispute over jointly held property or land.

We have to rely on court precedents and on trying to fit your case into another case of the same type. As you can imagine, it can be complex and often really expensive! A small investment of time and money now could save you a fortune, and a ton of stress, later on. Our expert team of advisors will be happy to chat to you about the options available to protect your position.

For more information drop us an email at hello@hedgeslaw.co.uk or call our property team on 01865 594265.