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Guide to joint ownership agreements

As a CQS accredited firm we are bound to meet the exemplary levels of industry service standards and expertise in residential property transactions.

We will advise you on the options of joint ownership so that you can make an informed decision as to how the property should be legally owned.

Given the realm of various taxation and inheritance implications, it remains absolutely vital that legal guidance isn’t overlooked during the formation of a joint ownership agreement.

If two or more people are buying property together, it is important that an agreement is made at the outset about the division of the monies when the house is sold.

For example, one person may be contributing considerably more to the purchase price and may wish to ensure this money is repaid in the event of a sale before the profits are divided.

Taking steps now will prevent difficulties arising in the future.

You should consider:

• Who will be paying the mortgage?
• If one party is paying the deposit and move costs do they want this protected?
• How will bills be shared?
• What happens if one party moves out? In that event should the other party be given rights of first refusal to purchase the departing party’s share?