Joint ownership - protecting your investment
If you buy a property jointly with another person, it is important that you have the type of shared ownership arrangement which is appropriate to your particular circumstances.
If your co-owner is your spouse or a long-term partner you will probably want to ensure that, if you die, your property will automatically pass to him or her. If however you buy jointly with another person for business or investment purposes, or if you purchase a property jointly to share with a friend, then you will not only want your investment to be separate from your co-purchaser’s, but also to ensure that the amount of your contribution to the purchase is recognised, usually as a proportion of the proceeds of sale.
In this case a different type of co-ownership is appropriate and may require preparation of a trust deed to set out what happens and how the proceeds are divided when the property is sold. The trust deed will also ensure that you have the right to sell the property, even if your co-owner does not want to.
We will advise you fully on all aspects of joint purchase, and ensure that you have the right arrangement to suit your circumstances.
Buying out a joint owner - transfer of equity
Do you already own a property with another person or persons? Are you intending to take full responsibility for the property? Are you expecting to be paid for your share?
When you bought your property you will have been advised on the different methods of owning property jointly. You may have entered into a separate trust deed expressing your wishes and defining your percentage share in the property.
If you are now in dispute you will need specialist advice. If you own the property as joint tenants immediate steps may need to be taken to protect your property share by severing the joint tenancy and converting it to a tenancy in common. In cases where you have reached an agreement with a co-owner which involves the transfer of a share in the property you will need to obtain the written consent of your mortgage lender to the transfer.
Our experienced team is able to deal with the legal formalities of a transfer of equity in an efficient and sympathetic manner. In cases where a dispute cannot be resolved amicably we will liaise with our litigation team to take or defend court proceedings or instigate other dispute resolution procedures.
For all joint ownership enquiries, please contact Tracey Thornton on 020 8642 8142 or tracey.thornton@taylorwillcocks-cheam.co.uk