If you’re purchasing a property with a friend, family member or partner you need to consider how you hold the property and how you protect your interests should there be any disputes in the future. At SAS Daniels we can help you iron out each component when it comes to the joint ownership of a property (also known as co-ownership).
What options are available with the joint ownership of a property?
When jointly purchasing a property, your conveyancer will ask you how you want your “shares” to be split. There are several ways that your share in the property can be held, it can be equal e.g. 50/50 or unequal e.g. 40/60, it all depends on your circumstances and what is most appropriate for everyone involved.
There are a number of reasons why unequal shares might be required. For example:
- If you have contributed unequal amounts to the purchase price;
- If a gift has been made to help one or all parties with their purchase;
- If you have investment in the property;
- If you have different family situations such as; one party has children from a previous relationship but the other doesn’t.
It’s vital to take specialist advice to ensure the true position is recorded and avoid future lengthy, expensive disputes.
When the property is sold, each person will be entitled to their specified share of the proceeds and it’s possible for a person to own shares in the property even if they are not named on the title deeds.
How can SAS Daniels help with the joint ownership of a property?
At SAS Daniels our conveyancers will take the time to understand your individual situation and advise you on what would be in the best interest of all who are making the purchase.
If you’re considering holding the property in unequal shares, we have a specialist Trusts team who can advise you on your true position and ensure this is officially recorded, often through a Declaration of Trust. Giving you the peace of mind that your interests and investment in the property is protected should any fall outs or disputes arise when selling the property.
For more information on the joint ownership of a property or advice, please contact us on 0161 475 7676 or get in touch via our contact form.