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First time buyer


Moving in with your partner or buying a house together is an exciting time and there is a lot to think about. But as well as deciding which side of the bed you’re sleeping on and choosing between vanilla mist and coffee dream for the living room walls, you need to think about something much more important. It may not be something you want to think about at the time, but what would happen if your relationship breaks down?

Things to think about in case you break up…

  • The contributions each of you are making towards the purchase of the property. Are you contributing the same or is one party contributing more? Would the person contributing more want their full share back if you split up?
  • Are you both going to have an equal share in the property or is one of you going to have greater contribution? Are you happy to own more or less of the property?
  • Are there children involved or could there be children in the future?
  • Is the property going to be purchased in your sole name for mortgage purposes even though you could both actually be contributing equally?
  • What would happen to the property in the event either of you should die?

What does joint tenants and tenants in common mean?

When purchasing your property you can own the property as joint tenants or tenants in common. Joint tenants means that in the event one of you dies the remaining share will automatically pass to the other partner. Tenants in common means that if one of you should die your share will pass to whoever you nominate in your Will.

The Bank of Mum and Dad

It’s very important to think about where your deposit is coming from. Are you going to be receiving a gift from your parents or other family member towards the deposit? That parent might be happy giving that gift to you but they may want some formal protection that the gift amount will go back to you if you sell the house in the future as a result of you breaking up. Giving some thought to the above at this early stage can avoid problems in the future. When purchasing your property your Conveyancer can draft a legal document called a Declaration of Trust to give you piece of mind, then if there is a dispute in the future and emotions are running high, what will happen with the property and the equity in it, is clearly set out.

Get in touch – we’re happy to help

For more information about the Conveyancing process and protection for your money through a declaration of trust, simply call one of our specialist team on 01623 45 11 11. For other helpful information visit our website. 

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