Are you buying a property with another person?
Contact Burtonwoods for expert advice tailored to your situation.
There are two issues to consider if you are buying a property with another person:
- Registered ownership of the property
- Beneficial ownership of the property
What are your options for registered joint ownership?
Registered co-ownership of a property can be either as joint tenants or as tenants in common. Click here for an explanation of the law.
We can help you determine which is best for you.
What about beneficial ownership?
If you are purchasing a property with another person, and regardless of the position on registered ownership, to help avoid future arguments it is essential that you agree and record what shares you each have in the property.
We can help you achieve this by drafting a legally enforceable document called a Declaration of Trust which can deal with:
- What shares you each have in the property
- What will happen if one of you wants to sell
- What you will each contribute towards the upkeep and any mortgage on the property
- What will happen if one of you dies if you are registered as tenants in common
If circumstances change, it is also possible to vary a Declaration of Trust provided all parties agree.
Our experience shows that a Declaration of Trust is a very good investment as it significantly reduces the potential for dispute in the future, since it limits the possibility of costly and uncertain litigation.
What if there is only one registered owner of the property?
A Declaration of Trust can also be prepared in the situation where there is or will be only one registered legal owner but another party is contributing towards the costs of the purchase, for example by providing the deposit.
This helps to protect both parties in case of a dispute. The Declaration of Trust can be registered at the Land Registry so as to alert any prospective buyers that the property is effectively co-owned.
What if I want to change how the property is owned?
If you want to change from one person owning the property to two, or vice versa, we can help with a Transfer of Equity which effects the required change. If the property is mortgaged then the lender’s consent will be required.
We are experienced, friendly and approachable. We will clearly explain your options and advise how best to achieve your objectives.
We will give you direct contact with a named conveyancing lawyer who will represent you throughout the process and who will be available to answer all your questions.
As a Law Society Conveyancing Quality Scheme accredited firm, our conveyancing processes and procedures have been proven to have reached a high standard.
Get in Touch
Call us on 0207 636 2448 for a free estimate and more information on our conveyancing services. Or send us an enquiry using the form on the contact page.
We will explain the process and give you the information you need to move to the next step.