Joint Ownership Issues
There are a number of instances in which people choose to purchase a property through joint ownership. If you are in a relationship co-owning a home with your partner allows you to share the responsibility and cost. If you would like to get onto the property ladder but cannot afford to buy individually, co-owning with a friend or acquaintance can offer an effective solution. However, there are a number of factors to bear in mind from the outset to avoid any possible disputes further down the line.
Depending on your situation, considerations to take into account include whether to register the property in one or both of your names, the contributions to the purchase price, the mortgage, upkeep and bills. You or your co-owner may want to sell the property before the other, and if this hasn’t been agreed beforehand it can be a lengthy process to resolve. Our experienced conveyancing team will advise you on all of the factors you should consider from the very beginning, to protect you and your share of the property.
Due to the complexities of joint ownership, unfortunately disputes can sometimes arise. If you have a dispute with a co-owner about how the shares of the property are held, if you are co-owning with your partner and the relationship comes to an end, or if one of you wants to sell but not the other, we can help you resolve the issue in an efficient and cost effective manner.
What should you do next?
You may also be interested in getting more information on Residential Property or Sale and Purchase. Additionally, a change in circumstances often means you may need to review your will. Please click here to find out more about the Wills service we offer.