Protecting your assets in joint ownership...

m_curiousity

Hi,

My boyfriend and I are planning to buy a house together sometime this year. We are both first time buyers and have made a verbal agreement regarding how much each will pay, how we will split the money if we break up etc, but we both want to get this down in a legal format to protect our shares if the worst happens. I know it doesnt sound romantic but its best to consider every aspect rather than go in blind and assume it will all work out!

What we need to know is, do we need to do this via a solicitor or is there a simpler way to do it? Has anyone else done anything similar? Also roughly how much should we expect to pay a solicitor for this service?

Thanks for any help!

BitterAndTwisted

Do it via a Solicitor. It could be the best £100 you ever spend

jamesperrett

Isn't this covered by one of the standard types of joint ownership (tenants in common)? You may need an additional agreement if you want to apply it to your possessions as well but a good solicitor will cover the property aspect as part of the normal conveyancing process.

James.

david29dpo

It depends on the % split. A deed of trust is what your need. £100 or so.

keith969

You need to buy as tenants in common, that way you have defined % split on the property. When you buy the solicitor should be able to set this up for you.

david29dpo

But only 50/50.

Richard_Webster

You need a deed of trust and you need the solicitor to make sure that there is clarity as to what is intended - because I have known too many cases where couples have thought they had agreed something but hadn't thought through all the possibilities.