Progeny was in the Financial Times once again this weekend, with an article by Suzannah Farnell, one of our solicitors, featuring in the House & Home section on Saturday 3rd November. In the article, Who owns what if I buy a house with my friend?, Suzannah explores both the risks and benefits of joint purchase.
As we see more and more of this kind of arrangement, it’s important to know how to protect yourself without the legal framework of marriage to fall back on. Suzannah explored this issue further with a solution to give potential joint buyers peace of mind:
Buying jointly without being married means you don’t have that legal framework to rely on if you want to go your separate ways. Both a conveyancing solicitor and trust lawyer should be used to ensure the agreement is binding.
She then went on to discuss a few useful tips for those considering a joint purchase, explaining that the two main points to clarify are who owns what equity in the property and who pays for ongoing maintenance.
One person may have more [equity] because they paid more of the deposit, the other may have a higher salary and pay more of the mortgage repayments. You also need to agree how you decide on (and pay for) ongoing maintenance.
The article presented a detailed and honest look at the realities of joint purchase and presented those brave enough to venture on with a wealth of advice to succeed. Click here to read the full article (subscription required).
